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Request to cancel


A request to cancel the bond will be issued to the bank by the attorney who is nominated by the customer. On receipt of this request, the bank 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 transferring attorney.

Early termination fee - waived


In terms of the National Credit Act and our legal agreements that fall outside the ambit of this Act, an early termination fee can be charged when you cancel your home loan without giving us the requisite 90 days' notice of your intention to settle your home loan and cancel your bond before your loan term expires.

As a valued client, you can now cancel your home loan anytime with us without incurring any early termination charges.

As a way to demonstrate your savings, we want to illustrate how the fee is charged therefore showcasing the saving you will make:

The early termination fee is calculated using your outstanding balance and your current interest rate for 90 days.

The following illustrative example is based on a home loan with an outstanding balance of R500 000 at an annual interest rate of 10.5%.

R500 000 X 10.5%/ 365 days x 90 days

= R12 945.00 - this is the amount you will save.

You are required to provide the bank with notice if you intend to sell your home or cancel your bond. This is in addition to the attorney requesting cancellation figures/letters of guarantee for the existing mortgage bond.

Settlement figure


On receiving a cancellation request, the bank will calculate the settlement figure. Assuming that the mortgage bond will be cancelled within 90 days, the settlement figure will be calculated as follows:

  • Outstanding home loan balance as at the date of instruction issued to the attorney.
  • Accrued interest at the current rate from the date of instruction to the date of payment.
  • Monthly service fees.
  • An amount equal to one debit order payment.
  • Homeowners comprehensive insurance cover premium (if paid through the home loan).
  • Credit life premiums (if paid through the home loan).
  • Legal fees (if applicable).

Flexi Option and Prepaid on a paid-off home loan


The Flexi Option will be made inactive and you will be unable to access funds while your bond is under cancellation. Should you require access to funds please ensure you withdraw these funds prior to cancellation instruction.

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 the bank in accordance with the guarantees provided. This amount will be credited to the home loan account and any surplus funds will be refunded in terms of arrangements made with you and the attorney. The home loan account will be closed.

Home Owners Comprehensive ("HOC") Insurance after cancellation if applicable


HOC impact once your home loan is paid up and the bond is cancelled.

The following applies for FNB Short Term Insurance HOC premiums debited to the home loan account, on cancellation of the bond:

  • If the property was sold, then the Bank will arrange for the cancellation of the HOC with FNB Short Term Insurance Limited. In the event of annual premiums, a pro-rata refund will be refunded to the customer, if any.
  • 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 current 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.

nav» Home


FNB customers will receive the following benefits when applying using nav» Home

  • 50% back in eBucks on the first home loan repayment
  • 50% discount in attorney registration fees
  • Personalised interest rate

Navigate your way to your dream home via nav» Home

Terms & conditions apply.

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. You are required to provide the Bank with notice if you intend to sell your home or cancel your bond before the end of your bond period.

Request to cancel

Early termination fee - waived

Settlement figure

Flexi Option and Prepaid on a paid-off home loan

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