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Request to cancel


A request to cancel the bond will be issued to FNB by the attorney who is nominated by the customer. On receipt of this request, FNB will calculate the cancellation figures which will be issued to the Bank's cancellation attorney together with the Bond document and Title Deed to start the cancellation process. The Bank's cancellation attorney will liaise with the customer's cancellation attorney.

If after 12 months, cancellation of the bond still has not occurred then only will a new request to cancel be required. New cancellation figures must be requested by the attorneys every 3 months.

90 day early termination


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.

The 90 day notice is submitted, AND a request to cancel the bond is received simultaneously the notice period will start on the receipt of the 90 day notice. If the bond is cancelled after the 90 days, no Early Termination Fee will be applicable, but if the bond is cancelled before the 90 day period and Early Termination Fee is applicable. It is calculated on the remaining days (pro-rata).

The 90 day notice is submitted, AND the instruction is received WITHIN the 6 months from the start of the 90 day notice period the notice period will start on the receipt of the 90 day notice. If the bond is cancelled after the 90 days, no Early Termination Fee will be applicable, but if the bond is cancelled before the 90 day period and Early Termination Fee is applicable. It is calculated on the remaining days (pro-rata).

Settlement figure


Assuming that the mortgage bond will be cancelled within 90 days, provision has been made, where applicable, for the following estimated charges over the 90 day period:

The outstanding balance: The amount as at the date the cancellation figures are issued.

Interest: Based on the interest that will be due on your account during the estimated period.

Service fee: This is the monthly fee currently being debited to the loan account for the Home Owners Insurance premiums.

Home Owners Insurance premiums: Where annual insurance premiums are financed through the loan account and the policy is to be renewed within three months of the figure being issued, provision for the full premium is made.

A pro-rata refund will be requested from the insurer on settlement of the home loan.

Early Settlement fee: In terms of the loan agreement the borrower is obliged to give 90 days' notice of an intention to cancel the loan. Where the same notice has not been given or where the 90 days notice has not yet expired the Bank will add the equivalent to three months interest to the settlement amount. It is important to note that the actual fee charged will be calculated on the date of cancellation and will depend on the number of days remaining of the notice period. Where the notice period has expired no fee will be charged.

Legal Fees: In cases where litigation proceedings have been initiated on an account then a provisional litigation fee may be added to the balance. Any fees not payable to the litigating attorney on cancellation of the bond will be refunded to the customer.

(Please note that no provision has been made for attorney cancellation costs in the settlement figure provided to the attorneys. Attorney cancellation costs include fees charged by the attorney for the cancellation of the bond and are payable directly to the attorney.)

Flexi, Prepaid and Readvance funds access


Please note that you will not be able to access funds on your Home Loan account once an attorney has been appointed to cancel the Mortgage Bond. These include access via the Flexi and Re-advance options, Prepaid funds or refunds. During the cancellation process, cancellation figures are calculated, and for this reason, access to funds is not permitted to avoid fluctuation in the cancellation figures submitted. The Flexi Option will be cancelled once the home loan is placed under cancellation.

Home loan repayments


The settlement figure is based on you continuing to make normal repayments on the home loan during the cancellation process. During the cancellation process, the customer must continue monthly repayments to the home loan. Not maintaining these repayments during the cancellation process will place the account in an arrear state, whereby the collection process may start. This will negatively impact your credit record.

Attorney cancellation cost


Please note that no provision has been made for attorney cancellation costs in the settlement figure provided to the attorneys. Attorney cancellation costs include fees charged by the attorney for the cancellation of the bond and are payable directly to the attorney.

The attorney will charge a fee for the cancellation which occurs in the Deeds office, as well as a fee for administering the cancellation.

Retaining the final debit order repayment


The final debit order on the home loan will be retained for a period of 40 days after cancellation of the bond. This is necessary to mitigate the risk of a debit order being reversed after the cancellation refund has been paid out and the home loan closed.

Proceeds received from the sale of your property


Once the bond is cancelled, the attorneys will pay FNB in accordance with the settlement figures provided upfront. This amount will be credited to the home loan account and any surplus funds will be refunded in terms of arrangements made with the customer and attorney. The home loan account will be closed.

Home Owners Cover (HOC) after cancellation


The following applies for OUTsurance HOC premiums financed through the home loan, on cancellation of the bond:

  • If the property was sold, then FNB HL will arrange for the cancellation of the HOC with OUTsurance. In the event of annual premiums, a pro-rata refund will be refunded to the customer.
  • If the property is not sold, the customer has the choice of continuing with the policy. There is no longer a requirement by the Bank for the property to be insured. If the customer decides to continue with the insurance, the premiums will need to be redirected via a cheque account. The customer needs to manage this process to ensure that the property remains covered.

If the property is insured through an alternate insurer, the customer will need to make the necessary arrangements with the insurer.

Value adds when cancelling


Under FNB's offer of Move Home, not your Home Loan, should you come directly to either an FNB branch, apply online or call 087 730 11 44 for your next or future home loan, early termination fees charged on the cancellation of a previous home loan will be rebated to you after the registration of the new FNB home loan.

Additionally, FNB will pay your bond registration fee for any new or additional FNB home loan. Want more? The cancellation fee that you paid the attorney for the cancellation of your previous FNB Home Loan will be reimbursed as a subsidy, by FNB, when the new home loan is registered! The subsidy amount will be based on the Law Society's guidelines for the cancellation of bonds registered at the Deeds Office.

See how much you can save, and visit our section on Move home not your Home Loan for terms & conditions.

Online banking while cancelling


Once the Home Loan is under cancellation you will no longer be able to view or access the facility online.

Cancelling your home loan


Get to know the ins and outs

Make sure you know what process to follow to cancel your home loan, including all the costs involved. If you intend on selling your home before the end of your bond period, you will need to give 90 days' notice to FNB

Request to cancel

90 day early termination notice

Settlement figure

Flexi, Prepaid and Readvance funds access

Home loan repayments

Attorney cancellation cost

Retaining the final debit order repayment

Proceeds received from the sale of your property

Home Owners Cover (HOC) after cancellation

Value adds when cancelling

Online banking while cancelling

Download a comprehensive document on cancelling your home loan