Consolidating debt with fnb

Bank Windhoek's executive officer: credit, Anton Smit, has this advice: “With debt consolidation you are only extending the problem, because you think you solve the debt problem, but in reality the debt remains, as do the habits and behaviour that caused it. You cannot get out of a hole by digging out the bottom.” Having debt is not the problem; it is the symptom that is at issue.

Consult your tax advisor regarding the deductibility of interest.

“Debt consolidation using your home as security should only be undertaken by disciplined borrowers.

There’s no point in even starting a debt consolidation programme unless you set manageable goals and know that you can live comfortably with the steps you take in order to achieve them.” Rademeyer advises, though, that homeowners should pay off the additional amount that has been borrowed as soon as possible.

“Simply borrowing the extra finance and extending the period over which the mortgage has to be repaid isn’t really saving – and could actually cost you more in interest in the long run,” says Rademeyer.

“Homeowners should rather take all the money they have been paying off other debts every month and add it to their new mortgage repayment, in order to quickly reduce the capital balance of the loan again.” Andrew van der Hoven, head of home loans at Standard Bank, says that the bank has noticed an increase in the number of these applications since the start of 2016.

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