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Listen: How to pay off your home and car

Oct 16, 2020

If you are confused about how advance payments work when it comes to your home loan and car finance, you are not alone. In this podcast, Maya (@mayaonmoney) and Mapalo (@womanandfinance) unpack exactly how access bonds work and when advance payments on your car can be used to settle the balloon payment.


  1. Dear Maya. My husband and I purchased a house in 2018 for R1 650 000. We paid in R200K as a deposit towards the house. Shortly thereafter I resigned from my work. We used some of the funds to build rooms which we are renting out. We are left with about R345K. Is it wise to pay it into the house ? We want to finish the house sooner. If we start paying R15K every month from January 2020 how long will it take us to settle the house. The balance is now R1 374K. Thank you

    • I play around with the Nedbank home loan calculators when I want to see the impact of additional payments
      It would not be right for me to advice on what you do with the lump sum as there are a lot of other factors to consider such as whether or not you have sufficient funds for retirement etc. If you put the lump sum into the bond make sure it is accessible in the case of an emergency. You need to make sure you are putting money away for retirement – you cannot eat your house!

  2. Thanks Maya, been following your advise, R500 extra makes huge difference in number of months cut off



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Maya Fisher-French author of Money Questions Answered

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