Provide the bank with a 90 day Early Termination Notice when you intend to cancel your bond:
You should notify your Bank in advance of the pending sale. This is in addition to the attorney requesting cancellation figures/letters of guarantee for the existing mortgage bond. Please note that a 90 day notice period is required by the bank to cancel the bond. You may give this required notice yourself before the property is placed on the market or you can leave this task to your attorney. It presents an ideal opportunity for you to seek advice on finance options for the new property as an existing customer. If 90 days notice is received and the bank does not receive a request to cancel the bond within 6 months from this date, the 90 day notice will expire.
| Action: | Result of action: |
| The 90 day notice is submitted, AND a request to cancel the bond is received simultaneously. | The notice period will start on receipt of the 90 day notice. If the bond is cancelled after 90 days, no Early Termination Fee is applicable. If the bond is cancelled before the 90 day period, an Early Termination Fee is applicable, calculated only on the remaining days (pro-rata). |
| The 90 day notice is submitted, but NO instruction to cancel the bond is received within 6 months. | The notice will expire and if necessary, new notice will be required. |
| The 90 day notice is submitted, AND the instruction to cancel the bond is received WITHIN the 6 months from the start of the 90 day notice period. | The notice period will start on receipt of the 90 day notice. If the bond is cancelled after 90 days, no Early Termination Fee is applicable. If the bond is cancelled before the 90 day period, an Early Termination Fee is applicable, calculated only on the remaining days (pro-rata). |
The Following contact numbers can be used:
ABSA BANK: (T)0860 111 007 or Email:hlcan@absa.co.za
First National Bank: (T)011 632 2000 or Email:hlebusiness@fnb.co.za
Nedbank: (T)011 495 8911 or Email:support@ned.co.za
SA Home Loans: (T)0861 888 777 or Email:admin@sahomeloans.com
Standard Bank: (T)0860 123 001
**Notice, above information was taken from the FNB website.**
