When it's worth it
If your income or credit record has improved since you took the bond, or you took a high rate to get approved, other banks may offer you less. On a R1.5m bond over 20 years, a rate 0.5% lower saves about R504 a month.
What it costs
Switching means registering a new bond and cancelling the old one, so there are attorneys' and deeds office fees. Some banks help: Absa covers switching costs up to R71,000. Ask your current bank to match the offer first. Sometimes it will.
Notice
Your current bank can charge up to 90 days' interest if you cancel without 90 days' notice. Give notice as soon as you've decided.
What you'll need
The usual documents, plus 12 months of statements for your current home loan. Full document list.
Where this comes from
- Absa: home loans (switching) (read 11 Oct 2026)
- Standard Bank: home loans pricing guide 2026 (notice period) (effective 1 Jan 2026)
- Standard Bank: home loan document checklist (linked 11 Oct 2026)
Checked October 2026.