17/06/2026
๐๐๐๐ ๐๐๐๐๐๐๐ ๐๐ ๐๐๐๐๐...
๐จ๐จ ๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐ ๐
๐๐๐: ๐๐๐ ๐๐๐๐๐๐ ๐๐๐๐ ๐จ๐จ
Failing to notify your bank before listing your house could trigger massive bond cancellation penalty fees!
Many home sellers are caught off guard by "hidden" costs, especially Bond Cancellation Penalty Interest. If you have an active mortgage bond and plan to sell, here is how to protect your pocket:
โ ๏ธ The Critical Step Most Sellers Miss
The 90-Day Rule: Banks contractually require at least 90 days' written notice of your intention to settle your loan and cancel your bond.
What is Penalty Interest? If your property transfers before those 90 days are up, the bank charges a pro-rata penalty fee equal to the interest on your remaining loan balance for the days you missed.
The Good News: The penalty reduces every single day after you give notice. If registration takes place on day 91 or later, your penalty interest drops to zero!
โ ๏ธ The Access Facility Trap: The moment you log your notice, the bank will usually freeze your access/flexi facility. Withdraw cash for renovations or moving costs before you notify them.
The Grace Period: You don't have to sell exactly on day 90. Banks give a grace period (often ~180 days). If it doesn't sell in that window, the notice lapses, and you must resubmit.
๐ก ๐๐จ๐ฉ ๐๐ซ๐จ-๐๐ข๐ฉ ๐๐จ๐ซ ๐๐๐ฅ๐ฅ๐๐ซ๐ฌ: ๐๐จ๐ง'๐ญ ๐ฐ๐๐ข๐ญ ๐๐จ๐ซ ๐ ๐๐ฎ๐ฒ๐๐ซ ๐ญ๐จ ๐ฌ๐ข๐ ๐ง ๐๐ง ๐จ๐๐๐๐ซ! ๐๐ข๐ฏ๐ ๐ฒ๐จ๐ฎ๐ซ ๐๐๐ง๐ค ๐ฐ๐ซ๐ข๐ญ๐ญ๐๐ง ๐ง๐จ๐ญ๐ข๐๐ ๐ญ๐ก๐ ๐ฏ๐๐ซ๐ฒ ๐๐๐ฒ ๐ฒ๐จ๐ฎ ๐ฉ๐ฎ๐ญ ๐ฒ๐จ๐ฎ๐ซ ๐ก๐จ๐ฎ๐ฌ๐ ๐จ๐ง ๐ญ๐ก๐ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ฐ๐ข๐ญ๐ก ๐๐ง ๐๐ ๐๐ง๐ญ.
Don't let selling your home get messy. Let us handle the details! โจ
Proudly brought to you by @ HOME Property Group SA.
Contact TEAM ERASMUS to help you through the pitfalls of selling your property
Jaco @ 084 808 1813
Marna @ 072 645 6172
