How I Quickly Pay off My Properties in South Africa

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  • เผยแพร่เมื่อ 10 ก.ค. 2024
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    How I Quickly Pay off My Properties in South Africa
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ความคิดเห็น • 198

  • @louisreynhardt
    @louisreynhardt  4 หลายเดือนก่อน +19

    Were you aware that making bi-weekly payments is actually a thing? 💵💵

    • @khethiwesibuyi816
      @khethiwesibuyi816 4 หลายเดือนก่อน +1

      Nooooo😭😭😭😭😭
      A hero!!!

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      @khethiwesibuyi816 hope it can help. Thanks for watching 💪🏻 😁

    • @jesuslovesyou836
      @jesuslovesyou836 4 หลายเดือนก่อน

      Yes but never knew that SA banks allow that

    • @MrEltonArendse
      @MrEltonArendse 4 หลายเดือนก่อน

      Yes but never realized/researched the significant difference as laid out in this video. Informative and clear info right here... thanks Loius

    • @emmanuelmadi
      @emmanuelmadi 4 หลายเดือนก่อน

      ​@@khethiwesibuyi816
      Would these by weekly payments be the normal monthly amount or extra payments after the monthly installment?

  • @loveyabrahams5274
    @loveyabrahams5274 3 หลายเดือนก่อน +23

    This is so true i paid my bond in 3years and 8months,my bond was 630k paid a deposit of 70k,i would save my bonuses my increase every spare money I gad would go into my 32days notice account and come year end all the money will be paid into my bond account...

    • @louisreynhardt
      @louisreynhardt  3 หลายเดือนก่อน +3

      Thanks for adding value to the channel and sharing your experience. Well done for dillingntly making extra payments. Thanks for the support 💪🏻💪🏻

    • @nkosinathindala4745
      @nkosinathindala4745 3 หลายเดือนก่อน

      Wow, that is exceptional 💯

  • @ashleyericwilliams1058
    @ashleyericwilliams1058 4 หลายเดือนก่อน +20

    What you're sharing with us Louis is things I believe should've been introduced to us in school! We would be so much wiser!

    • @louisreynhardt
      @louisreynhardt  3 หลายเดือนก่อน +3

      I totally agree. I can't remember any relevant life lessons from school. Hope this can spread far and wide to educate young adults. Thanks for watching 💪🏻

    • @amandambongwa9216
      @amandambongwa9216 3 หลายเดือนก่อน +1

      Agreed

  • @maxine6933
    @maxine6933 4 หลายเดือนก่อน +22

    Guys just pay in money in the bond account whenever you have extra cash. SA banks do not generally do split payments on bond repayments but you can try asking. Best way pay the bond as agreed and whenever you have extra cash pay it in to your bond. Home loan interest is charged daily and capitalised monthly so the sooner you pay in that extra monies the more you save on the overall interest capitalised at the end of the month.

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      Thanks for sharing and contributing to the channel. Appreciate your comment 🙏🏻🙏🏻

    • @franmdleleni6520
      @franmdleleni6520 4 หลายเดือนก่อน +8

      Yep. That's the way to go. I paid off my first house within 7 years. I bought it at R400,000 in 2009. Now renting it out and I can sell it at R800, 000. My second house which is my primary residence, I got in 2017 and am almost paying off. Bought it at R560, 000. The secret is to put additional funds in whenever you get them.

  • @G_404
    @G_404 4 หลายเดือนก่อน +24

    Bruh i just bought a property and this is simple to follow and awesome advice....Big ups to your channel

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน +1

      Well done, and congrats. Thanks for supporting the channel 💪🏻 💪🏻

  • @phelelanikhuluse8840
    @phelelanikhuluse8840 4 หลายเดือนก่อน +15

    i love that you are inclusive, aware that some people may struggle with some things.
    just gained a subscriber

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      Always 💪🏻Welcome my friend. Thanks for supporting the channel

  • @nomafmaroga6827
    @nomafmaroga6827 4 หลายเดือนก่อน +12

    I love the car track ad😅😅😅

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      Thanks for commenting on that haha 😄 appreciate the support.

    • @atsile1
      @atsile1 3 หลายเดือนก่อน

      Bathong I got confused 😅I was like did I just open another video by error🙊🫣🤣

  • @Game_Showz
    @Game_Showz 4 หลายเดือนก่อน +2

    I'm enlightened. Thank you.

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      Pleasure my friend 👊🏻 😎

  • @liciouslicious6808
    @liciouslicious6808 3 หลายเดือนก่อน +1

    Thank you for sharing your knowledge. Just subscribed

    • @louisreynhardt
      @louisreynhardt  3 หลายเดือนก่อน +1

      Welcome to the channel and thanks for the support. Share it with your friends and family 🙏🏻🙏🏻

  • @lehlagaremogadime7494
    @lehlagaremogadime7494 4 หลายเดือนก่อน +3

    This a very short but powerful with lots of useful info. Thanks Louis.

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      Thanks my friend im glad it can help. Thanks for watching 💪🏻

  • @Davidxpiano
    @Davidxpiano 3 หลายเดือนก่อน +1

    Knowledge is truly King. Thank you Louis.

    • @louisreynhardt
      @louisreynhardt  3 หลายเดือนก่อน

      I agree, thanks my friend 👊🏻

  • @amandamalefo3563
    @amandamalefo3563 10 วันที่ผ่านมา +1

    This is really informative!!!Thank you

    • @louisreynhardt
      @louisreynhardt  9 วันที่ผ่านมา

      Thanks so much for watching 🙏🏻🙏🏻

  • @luyandamaboea1664
    @luyandamaboea1664 2 หลายเดือนก่อน +2

    Only 5 min into the video, I immediately subscribed. This information is gold, thank you for sharing

    • @louisreynhardt
      @louisreynhardt  2 หลายเดือนก่อน

      Thank you very much and welcome to the channel. Just keep learning. All the best 💪🏻💪🏻

  • @user-ks7rl5ne6q
    @user-ks7rl5ne6q หลายเดือนก่อน +1

    The production value is sublime 👌👌well packaged videos, well done you 👏👏👏

    • @louisreynhardt
      @louisreynhardt  หลายเดือนก่อน

      Thank you so much for the positive feedback. Appreciate the support 🙏🏻

  • @dingaanmekhoe5268
    @dingaanmekhoe5268 4 หลายเดือนก่อน +1

    Your content is sharp and informative. You just got a subscriber. I am going to try this.

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน +1

      Means a lot. Thanks for supporting the channel 💪🏻 💪🏻

  • @katlegoratshidi5070
    @katlegoratshidi5070 4 หลายเดือนก่อน +3

    Had No idea about the bi monthly payments but it’s definitely something I’m keen to try out. Thank you for this informative video

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน +1

      Glad it can help. Thanks for watching 💪🏻

  •  5 วันที่ผ่านมา +1

    Thank you for educating me...this will help in any debt. a person has.

    • @louisreynhardt
      @louisreynhardt  5 วันที่ผ่านมา +1

      Pleasure. Yes it will 💪🏻💪🏻

  • @donaldgodide8740
    @donaldgodide8740 2 หลายเดือนก่อน +1

    I only watched the first video and subscribed this is free information thanks

    • @louisreynhardt
      @louisreynhardt  2 หลายเดือนก่อน

      Thanks for the support and welcome to the channel 💪🏻 💪🏻🇿🇦🇿🇦🚀🚀

  • @terencephilipstrydom4838
    @terencephilipstrydom4838 4 หลายเดือนก่อน +1

    Great advice!❤

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      Appreciate the feedback Terence 💪🏻💪🏻

  • @xolelafaas5784
    @xolelafaas5784 4 หลายเดือนก่อน +2

    Louis the legend!!!💪🏾

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      Thanks for the support 🙏🏻 🙏🏻 🙏🏻

  • @kreativekraal
    @kreativekraal 4 หลายเดือนก่อน +6

    Whats up Louis? Is guyz here.
    Yoh got me the first time, i thought you missed it in post.
    I really enjoy your content. Keep up❤

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      Thanks my friend. I appreciate it. Hope I can teach and put a smile on your face. Then im happy 💪🏻💪🏻😁😁

  • @siyabongazamisa2303
    @siyabongazamisa2303 4 หลายเดือนก่อน +1

    great one

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      Thanks my friend 👊🏻

  • @siphosymposiummadikizela3733
    @siphosymposiummadikizela3733 หลายเดือนก่อน +1

    Not even finish watching the video, I just subscribe# keep it up bro

    • @louisreynhardt
      @louisreynhardt  หลายเดือนก่อน

      Welcome to the channel my friend. Hope you can learn a lot 💪🏻💪🏻

  • @Awhe
    @Awhe 4 หลายเดือนก่อน +1

    Hi, I really found your video very informative.

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      Im so glad to hear. Thanks for watching 💪🏻

  • @wtfisthishandlebs
    @wtfisthishandlebs 4 หลายเดือนก่อน +1

    Legend ❤

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      💪🏻💪🏻💪🏻🏆🏆

  • @keithingle2119
    @keithingle2119 หลายเดือนก่อน +1

    Great video - quick question, you may have answered in a previous video, with the access bonds, why do you prefer to keep your term the same and drop your repayments vs paying the same monthly and shortening your term?

    • @louisreynhardt
      @louisreynhardt  หลายเดือนก่อน +1

      I prefer to always have access to the equity without having to pay for it. If you use the first option you effectively pay for the new debt (refinanced amount) without actually using it. Also im young and dont plan to settle my debt any time soon. But this is different for everyone

  • @TinyFord1
    @TinyFord1 4 หลายเดือนก่อน +1

    Yeah! You said “it’s Louis” and not guys. I just Subscribed😂

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      Welcome my friend 💪🏻 🤣🤣

  • @sihlemasondo2898
    @sihlemasondo2898 3 หลายเดือนก่อน +1

    Thank bro great content now we know to tackle a bond coz it can the most expensive and heaviest burden in life lol

    • @louisreynhardt
      @louisreynhardt  3 หลายเดือนก่อน

      Pleasure my friend. Knowledge is power 💪🏻💪🏻

  • @jeandesisnards5097
    @jeandesisnards5097 3 หลายเดือนก่อน +1

    Hi Louis, Can I ask if you can do a video on the pro's and cons'of buying vesus renting?

    • @louisreynhardt
      @louisreynhardt  3 หลายเดือนก่อน

      Sure, check out my property playlist. I made 2 videos about this very long ago. I will consider doing an updated version. Thanks for supporting the channel 💪🏻

  • @stilloutside
    @stilloutside 4 หลายเดือนก่อน +3

    Necessary education ❤❤

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      I agree, thanks for watching 💪🏻

  • @reabetswengobeni4783
    @reabetswengobeni4783 3 หลายเดือนก่อน +1

    The Bi-weekly payment option is definitely underrated. I didn't realize the same bond amount split into 26 fortnightly payments results in such a huge saving! Will definitely be implementing this method 💯.
    Where can we get the calculator you used showing bi-weekly payments scenario? Haven't come across such a calculator before seems pretty handy

    • @louisreynhardt
      @louisreynhardt  3 หลายเดือนก่อน

      Thank you very much for the positive feedback. You can juost google bi-weekly payment calculator, and you should get a couple of different options. 💪🏻💪🏻

  • @landofthesheep
    @landofthesheep 4 หลายเดือนก่อน +1

    Great video Louis, what are your thoughts on being charged early settlement fees ?

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน +3

      I feel its unnecessary, but it's easy to avoid. Just never completely settle the bond. Always have the bond open so you can always access your extra money in your access bond for other investments. Then they won't penalize you. Hope it helps

    • @Born_A_Star
      @Born_A_Star 4 หลายเดือนก่อน

      Is it possible to make a video about this? ​@@louisreynhardt

  • @user-ki3vp9up4v
    @user-ki3vp9up4v 4 หลายเดือนก่อน +1

    Thanks for the content, informative. How do I do bi weekly payment

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      Pleasure. 💪🏻 You will have to talk to a banker to setup bi weekly stop orders and remove the debit order.

    • @Noahjen2472
      @Noahjen2472 3 หลายเดือนก่อน

      @@louisreynhardtwhich banks specifically allow this method?

  • @julietranoko947
    @julietranoko947 4 หลายเดือนก่อน +1

    Thank you for great content, I've doing the weekly payments with ABSA, it didn't work, please share on how to go about that,

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      Which access bond option did you use? And what do you mean with it didn't work? This is also something that takes a bit of time to compound . Let me know 💪🏻

    • @Noahjen2472
      @Noahjen2472 3 หลายเดือนก่อน +1

      Can you make a separate video explaining which bank and how to liaise with the bank for this method

  • @briansithole1218
    @briansithole1218 4 หลายเดือนก่อน +1

    Mate you've gain a new subscriber. I will be in touch soon

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน +1

      Thanks my friend. Welcome to the channel 💪🏻 💪🏻

  • @antoinemuskat5557
    @antoinemuskat5557 หลายเดือนก่อน +1

    Please share the link to the app you using to calculate the bond savings

    • @louisreynhardt
      @louisreynhardt  หลายเดือนก่อน

      You can simply google " extra bond payment calculator " 💪🏻💪🏻

  • @thierryhector7043
    @thierryhector7043 วันที่ผ่านมา +1

    Great and informative video. I do however ask if this video is intended for property investors or the general public? If it's for investors, would it not be better to spend the minimum possible on your property debt as your property investment achieves a higher growth than what you would be saving. i.e the R50k lump sum would achieve a higher return if placed in another property deal if the net profit yield is greater than the prime interest rate.

    • @louisreynhardt
      @louisreynhardt  12 ชั่วโมงที่ผ่านมา

      Its basically focused on people trying to reduce their debt and follow the strategy of paying their properties quicker. If you can beat the interest rate elsewhere it will also make more sense. But most people wont be able too

  • @MrsDyarvane
    @MrsDyarvane หลายเดือนก่อน +1

    Hi Lious, great video. We are learning so much thank you! Is it possible to buy property at an amount lower than its market value, then ask the bank for equity on the difference ? E.g if you bought a house for 1.2 but it’s worth 1.5 then get 300k equity in your access bond ? I hope my question makes sense. If yes could this be used for your benefit to lower the interest you are paying ?

    • @louisreynhardt
      @louisreynhardt  หลายเดือนก่อน

      Absolutely, there is just a couple of key points to understand. I made a video about it that will answer your question.
      th-cam.com/video/P64KVoWqkC4/w-d-xo.html

    • @MrsDyarvane
      @MrsDyarvane หลายเดือนก่อน

      Thank you Louis, just watched the video now.

  • @GerhardSwart-ft5en
    @GerhardSwart-ft5en 2 หลายเดือนก่อน +1

    Hi Louis, thank you for your videos. I really enjoy them. I have a question. You are talking about flexi reserve no1 and no 2. My current loan is no2. My monthly payments stay the same when I put extra capital into my loan. I bank through ABSA. Do you know if it is possible to change it to no1, where my monthly payments will go down and my loan term stays the same? Thank you

    • @louisreynhardt
      @louisreynhardt  2 หลายเดือนก่อน

      Thanks for your comment brother. Yes you should be able to change the option. ( every bank has its own name for these facilities) the one I used as an example was StandardBank. You should be able to simply change the option with your banker.

    • @GerhardSwart-ft5en
      @GerhardSwart-ft5en 2 หลายเดือนก่อน

      @@louisreynhardt Thank you for the quick reply. Appreciate it. Excellent channel.

  • @bevanweber4471
    @bevanweber4471 4 หลายเดือนก่อน +1

    Hi thank you for your videos. Can you plz make a video on trading hrokers who offer the most amount of margin for trading stocks especially

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      Pleasure my friend. Unfortunately, I do not trade or invest on margin, so I dont have any experience with that.
      I simply use brokerages like Easy Equities to invest over the medium to long term . Feel free to suggest any video ideas regarding investing in stocks 💪🏻

  • @shahedcassim7392
    @shahedcassim7392 4 หลายเดือนก่อน +2

    So basically you just created the stop order or scheduled transfer like fnb etc etc instead of doing manual transfers lol. But yeah I think if some people have that in place then they’d commit more towards paying the loan faster as having will power to manually do it could be a tad bit more difficult for some

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน +1

      Bi weekly stop orders yes. They wont allow only manual payments. You need to set up some sort of debit or stop order and additional payments can be made manually

  • @GracenTrue
    @GracenTrue 4 หลายเดือนก่อน +4

    I have been so scared to buy property...im so glad i found this channel.

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      Keep on learning my friend. Take calculated risks and dont stop growing 💪🏻

  • @user-hk1ky6ts6m
    @user-hk1ky6ts6m 4 หลายเดือนก่อน +1

    Interesting

  • @lindelwahlela1851
    @lindelwahlela1851 29 วันที่ผ่านมา +1

    I once heard you can also pay daily but i am not sure banks would allow that. Do you know of daily payments as a possibility?

    • @louisreynhardt
      @louisreynhardt  29 วันที่ผ่านมา +1

      You can effectively setup daily stop orders, but a stop order is usually around R20 per stop order, so it will defeat the purpose. You can make manual payments, but I dont know of anyone that has done it before.

  • @everydayshid
    @everydayshid 3 หลายเดือนก่อน +1

    just a question wrt properties, you say you work on the 1% rule? This includes the levies & rates/taxes... does this include Insurance - and could you give the average amount that you spend on property insurance?

    • @louisreynhardt
      @louisreynhardt  3 หลายเดือนก่อน

      The 1% rule is like a simple gross yield. It doesnt include rates and levies etc. Its just a very simple formiula to quickly define goor or bad deals. Property insurance varies depending on the property.

  • @Mogotsi_P
    @Mogotsi_P 4 หลายเดือนก่อน +1

    Does it make a difference when you put money in an access bond weekly instead of monthly compared to changing the initial monthly repayment??

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      Depends on which access bond option you use. But effectively it should make a difference if you lay more than the initial bond amount.

  • @TEG_Kev
    @TEG_Kev 4 หลายเดือนก่อน +1

    Don't know if it's your setup or an issue on my end, but your sound output volume is a little soft brother

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      Thanks for commenting. But no, it has to be on your side. The quality of the video is perfect, and all the settings are correct.

  • @no0bgamer_419
    @no0bgamer_419 4 หลายเดือนก่อน +1

    Hi, firstly great videos, very insightly, But a question, I am a looking into property investments while i am still young(22) and have a few questions or need some guidance, is there anyway i can reach out to you for some guidance ?

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      Thanks for watching, and well done for starting at such a young age. You will be miles ahead of others if you continue to learn.
      You can pop me an email at louisreynhardt@gmail.com or you can also consider enrolling in my property course
      To secure your spot, simply click payhip.com/LouisReynhardt and follow the easy registration process.
      Otherwise, keep on watching free content like this and rrad as much as you can . All the best my friend.

  • @kyleniekerk
    @kyleniekerk 4 หลายเดือนก่อน +3

    Hi Louis, when making extra payments like you mentioned of R500, when in the month is the best time, would it be mid month to act as a bit of a by weekly scenario or should we be making those payments the same time the normal bond debit order goes off

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน +1

      I would say the same day as your debit order so that that amount goes directly to your principal debt, reducing your overall interest. ( You can set up a higher debit order), or you can also do it during the week, but you will have to manually pay or set up a stop order. Tbh im not sure which one will perform the best.

    • @brandonpypers4747
      @brandonpypers4747 4 หลายเดือนก่อน

      Hi Reynhardt.....I bought a property and I am living in it for about 7 months ......For R680 000 I paid diligently and on time everytime ....if I were to sell the house now ..how much would I owe the bank

    • @kyleniekerk
      @kyleniekerk 4 หลายเดือนก่อน

      @@brandonpypers4747 depends on how much you sell for, if you sell for the same amount you owe then nothing (unless admin fees).
      If you sell for me than you owe then you make a profit.

  • @latsolatso6378
    @latsolatso6378 4 หลายเดือนก่อน +1

    Can you please advice how one can go about notifying the bank on changing payments to daily to cover the interest and bond payments. Am saying dividing the payments to a daily payment. The 500k bond 5K monthly divided to daily payments . Creating an auto payment schedule.

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      You will have to go and speak to a banker. They won't allow daily payments. You will have to negotiate to set up a bi-weekly stop order. This is different than a debit order. Make sure you have a good and sharp banker to help you.

    • @nesangovender8186
      @nesangovender8186 4 หลายเดือนก่อน +1

      @@louisreynhardt I had revolving loans... I could pay in whatever I wanted when I wanted... didnt have to discuss anything with my banker... I kept the original loan payment amount and frequency the same and maintained the debit order and added in spare cash when I could.... saved a fortune in interest

    • @tshililomugovheli2717
      @tshililomugovheli2717 4 หลายเดือนก่อน

      Just throw that money in to your bond account whenever

  • @marlonadams2455
    @marlonadams2455 4 หลายเดือนก่อน +1

    Hi Louis, awesome content, what is the calculators you use, to calculate the savings?

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน +2

      You can just google extra loan payment calculator and look for a South african site ending with co.za
      They should do the trick

  • @matthewdebeyer
    @matthewdebeyer 4 หลายเดือนก่อน +2

    Great video. Which bond originator have you had the best success with in South Africa?

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน +3

      Thanks for watching 💪🏻
      I use "my home loans"
      It's important that the person helping you understands your excat goals and situation. Try to build a good relationship with that person.

  • @willemvos3088
    @willemvos3088 4 หลายเดือนก่อน +1

    Hi Louis do I do the payments every 2 weeks with a debit order?

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน +1

      Unfortunately SA banks dont allow this so you will have to negotiate to set up a "stop order" every second week. Make sure you get a smart banker who can help.

  • @tebogomotsamai3501
    @tebogomotsamai3501 3 หลายเดือนก่อน +1

    Not sure if i am slow but how does the Bi-weekly help with cutting down the loan term if i am still paying the same amount? help needed please.

    • @louisreynhardt
      @louisreynhardt  3 หลายเดือนก่อน

      Not at all, just remember there's no such thing as a stupid question.
      It simply means you will make payments every second week, reducing daily interest and resulting in 26 weekly payments or 13 monthly payments in a year instead of 12 in a year.

  • @nowelaZA
    @nowelaZA 4 หลายเดือนก่อน +1

    The amortisation effect, basically.

  • @oriyomiadegbesan9022
    @oriyomiadegbesan9022 หลายเดือนก่อน +1

    Will paying bi weekly also impact personal loan interest and payment terms.

    • @louisreynhardt
      @louisreynhardt  หลายเดือนก่อน +1

      Great question, Yes, it will absolutely reduce your interest and term. But Im not sure if you can set up these payments with personal loans.

  • @jacksprat429
    @jacksprat429 2 หลายเดือนก่อน +1

    If you were able to pay double what the premium is, you could pay off your loan within 5 to 6 years.

    • @louisreynhardt
      @louisreynhardt  2 หลายเดือนก่อน

      Absolutely, I think this is very hard for most South Africans but it's definitely possible. Thanks for sharing.

  • @zeroasie9368
    @zeroasie9368 4 หลายเดือนก่อน +1

    So I must ask them to cancel the debit order and make a stop order ?

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน +1

      Yes effectively. But you just need to make sure you work with a sharp banker so they understand what you want to achieve.

  • @francoisvandermerwe8790
    @francoisvandermerwe8790 4 หลายเดือนก่อน +1

    How does the bi-monthly payment strategy work?
    I can't see how paying the same amount split in two will cause that affect?

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน +3

      Interest is calculated daily on your outstanding debt. So reducing your debt 2X a month reduces the overall interest. You also end up making 26 weekly payments, which results in 13 monthly payments also reducing your interest. By reducing your overall debt, your interest goes down. Instead of accumulating interest for 30 days , it only accumulates for 15 days, therefore reducing interest charged. You can also google it for a better explanation. Hope this helps.

    • @francoisvandermerwe8790
      @francoisvandermerwe8790 4 หลายเดือนก่อน

      @@louisreynhardt thank you for the reply!

  • @thatperson1818
    @thatperson1818 4 หลายเดือนก่อน +1

    Is there a difference between 26 biweekly payments and 13 monthly payments?

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน +1

      Great question. Yes, there is a massive difference. Interest is calculated daily, so making payments more often ultimately reduces the interest charged on the principal debt because your debt will reduce every week instead of every month. Thanks for watching 💪🏻

  • @mallickjardine5828
    @mallickjardine5828 3 หลายเดือนก่อน

    Please tell us which bank allows you to make bi -weekly payments

    • @louisreynhardt
      @louisreynhardt  3 หลายเดือนก่อน

      I have done it with Standard Bank. But you will need to motivate why you want to do it. Also, it will be stop orders and not a debit order.

  • @SpartanHighKing14
    @SpartanHighKing14 4 หลายเดือนก่อน +2

    Hello. I have a question.
    Will the bank penalize me if i take out a 30year mortgage and pay it off within 15-20 years? Because it almost seems like a cheat code because we're cheating the bank out of earning more interest from us.

    • @nesangovender8186
      @nesangovender8186 4 หลายเดือนก่อน +1

      no

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน +4

      No, they won't , not unless you settle the entire bond. I suggest to always keep the access bond facility open for Liquidity.
      But yes it is a life hack. I always take 30-year bonds. You can pay a 30 year bond in 20 years but you can't pay a 20-year bond in 30 years.

  • @landrover-ib7wo
    @landrover-ib7wo 4 หลายเดือนก่อน +1

    Bro seriously😂😂😂

  • @mabilele
    @mabilele 3 หลายเดือนก่อน +1

    Good day Louis,my name is Miyelani,I tried to call Standard bank to make biweekly payment on my bond and they told me that the system doesn't allow them to change it to biweekly,it only allows monthly payments.please help me in that regard.I have the name and the reference number of my call.

    • @louisreynhardt
      @louisreynhardt  3 หลายเดือนก่อน +1

      I would suggest going into the bank and speaking to someone in person. You have to state that it will be a stop order every second week instead of saying it's a bi monthly debit order. Make sure you speak to a sharp banker . Goodluck

    • @mabilele
      @mabilele 3 หลายเดือนก่อน

      @@louisreynhardt thanks for the response,I'll go back but what I don't understand is that with my first property I didn't have these issues and it took me 7 years to pay it off with biweekly payments and of cause with a bit of extra cash.

  • @thatomohapi5956
    @thatomohapi5956 3 หลายเดือนก่อน +1

    Can the same be done with car finance???

    • @louisreynhardt
      @louisreynhardt  3 หลายเดือนก่อน

      It should be possible but i haven't done it with car fiancee. I dont think Bi weekly payments will be allowed.

  • @lulamaroxar8589
    @lulamaroxar8589 3 หลายเดือนก่อน +1

    Can you be my mentor with charges your knowledge is gold.

    • @louisreynhardt
      @louisreynhardt  3 หลายเดือนก่อน

      Sure, my friend, you can pop me an email at louisreynhardt@gmail.com, or you can always consider my property course with the mentoring option.
      To secure your spot, simply click payhip.com/LouisReynhardt and follow the easy registration process.
      All the best. Keep learning

  • @keithjulie7873
    @keithjulie7873 3 หลายเดือนก่อน

    @3 mins in - not true. If you increase your payment by x amount as an extra payment, the repayment amounts are recalculated over the remaining years left and your pay-in will be less thus making this exercise futile. You would have to look closely at the repayment amount as stipulated by the bank and increase your extra pay-in as the bond amount decreases... Hope this makes sense? In my opinion, the best way is to approach the bank and ask to reduce the remaining term of your bond. This way your repayment increases and if possible an extra few hundred will make a massive difference. This is obviously my experience.

    • @louisreynhardt
      @louisreynhardt  3 หลายเดือนก่อน +1

      Yes, you are right, but my statement is based on the first access bond option. You can choose between the 2 options depending on your strategy. If you want to reduce your term, you can use the 2nd option.
      I just dont use the option to reduce my payments because my overall goal is not to settle the debt. But thanks for sharing and adding value to the comments. Appreciate your input 💪🏻

    • @keithjulie7873
      @keithjulie7873 3 หลายเดือนก่อน

      @@louisreynhardt thanks Louis for setting the record straight. When I bought my property more than twenty years ago we didn't even know of this option. However, my wife and I had the same idea and was able to reduce our term to a more manageable eleven years - while still paying a few extra hundred in the middle of each month. It has worked so we managed to buy another property in Cape Town. Love your honest and reliable show - keep it up!

  • @nizamsheik69
    @nizamsheik69 2 หลายเดือนก่อน +1

    can i have the website for the calculator

    • @louisreynhardt
      @louisreynhardt  2 หลายเดือนก่อน

      You can just google extra payment calculator. Let me know if you can't find it.

  • @thebaddie391
    @thebaddie391 3 หลายเดือนก่อน +1

    Are these bi weekly payments allowed in SA ?

    • @louisreynhardt
      @louisreynhardt  3 หลายเดือนก่อน

      Yes they are. I use it. . You just really need to motivate your reason. You will have to set up stop orders so it won't be a debit order. Make sure you have a sharp banker.

  • @calmingbabysleep1256
    @calmingbabysleep1256 4 หลายเดือนก่อน +1

    What about home owners insurance? Ive looked and seen it starts in the thousands of rands. That takes major gains away..

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      Do you mean home insurance for your goods or insurance for the building or insurance against defaulting or job loss ?

    • @calmingbabysleep1256
      @calmingbabysleep1256 4 หลายเดือนก่อน +1

      @@louisreynhardt either/ all. This needs to be taken into consideration, surely. How come it was not included? You don't have insurance?

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน +1

      @calmingbabysleep1256 its not relevant to this specific video. Also its only necessary for free hold properties because levies include building insurance. Home goods insurance is a personal expense and does not form part of my investments. Check out some of my other property videos where I do ROI calculations then you will understand.

    • @calmingbabysleep1256
      @calmingbabysleep1256 4 หลายเดือนก่อน

      @@louisreynhardt I will watch them. What insurance do you have?

    • @calmingbabysleep1256
      @calmingbabysleep1256 4 หลายเดือนก่อน

      @@louisreynhardt I'll watch them. What insurance do you have on properties? How much is that?

  • @marcdevilliers2182
    @marcdevilliers2182 4 หลายเดือนก่อน +1

    bi-weekly ... twice a week, fortnightly... every 2nd week ?

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      Every second week, meaning 26 times a year total 💪🏻

  • @Formula1-Dave
    @Formula1-Dave 4 หลายเดือนก่อน +3

    How realistic or feasible is it to TRY to treat a 500k home loan like a 5 -7 year car loan?

    • @nomafmaroga6827
      @nomafmaroga6827 4 หลายเดือนก่อน +5

      It is doable. I am doing with with my bond. But you must be prepared to starve yourself 😅. I'm doing it to move to a bigger house in 4 years.

    • @muzinkosi9773
      @muzinkosi9773 4 หลายเดือนก่อน +5

      It’s highly possible. I took 60 months bond for R1.3m house with a R200k deposit that we had saved in 2021 and i’m paying R23k monthly instalment instead of R14k that I would have paid for 20 years and today i’m left with 27 Months to finish the bond & regain my freedom. Banks will never propose such alternatives for you and they’re available & doable as Noma mentioned.

    • @Formula1-Dave
      @Formula1-Dave 4 หลายเดือนก่อน +1

      @@nomafmaroga6827 nice!

    • @Formula1-Dave
      @Formula1-Dave 4 หลายเดือนก่อน +1

      @@muzinkosi9773 this is awesome!

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน +2

      Very realistic 💪🏻💪🏻

  • @-tmt-7312
    @-tmt-7312 4 หลายเดือนก่อน +2

    10min video in 1 sentence = Pay more money monthly & a lump sum to reduce loan term.

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน

      You clearly did not watch the whole video.

    • @maxine6933
      @maxine6933 4 หลายเดือนก่อน

      😂😂😂True.

    • @-tmt-7312
      @-tmt-7312 4 หลายเดือนก่อน

      No need to, saying potato in two different ways, it stays potato@@louisreynhardt Paying R5000 monthly or R2500 bi-weekly is exactly the same thing.

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน +1

      Haha its not the same thing. Interest is calculated daily. Go do the math. Otherwise move a long

    • @futurecloudgamer2325
      @futurecloudgamer2325 4 หลายเดือนก่อน

      1 sentence doesn't make money like a 10 min video and that money can be used to pay down a bond quicker or buy another property..😏

  • @donaldgray2128
    @donaldgray2128 4 หลายเดือนก่อน +1

    Should it not be called WORST BOND THEN

  • @maxine6933
    @maxine6933 4 หลายเดือนก่อน +1

    Quite young😮 Are you below 40 years?

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน +1

      Haha im 28 , do I look 40 years old ? 🤣😪🤪

    • @maxine6933
      @maxine6933 3 หลายเดือนก่อน

      @@louisreynhardt you are too mature lol. I did not think you are younger. I love your channel ...

  • @ckp3118
    @ckp3118 4 หลายเดือนก่อน +1

    Ek het laas jaar ñ video gesien van ñ man wat sê betaal elke dag ñ bedrag op jou huislening. Dit neuk die algoritme blykbaar op en jy betaal minder rente.

    • @louisreynhardt
      @louisreynhardt  4 หลายเดือนก่อน +2

      Dit kan werk want rente word bereken daagliks. Maar dink net gou aan al die moeite as jy bv. 5 of 10 plekke besit. Ek sou eerder stick met wat ek genoem het in die video. Dankie vir die deel 💪🏻