FNB Home Loans. Cancelling your bond with FNB Home Loans. Cancelling your bond with

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1 Cancelling your bond with FNB Home Loans Cancelling your bond with FNB Home Loans First National Bank - a division of FirstRand Bank Limited. An Authorised Financial Services and Credit Provider (NCRCP20).

2 Selling your property or cancelling your bond can be very difficult. The good news is that we can guide you through the, as property professionals who really know what we are talking about. Cancelling your bond has different implications, therefore it is important to understand the type of cancellation transaction: Selling your property and wanting to purchase a new property Switching from FNB to another financial institution Paid Off Account (when you have repaid your full loan prior to the expiry of the term) Matured loan (when you have repaid your full loan and the term has expired) There are a host of important aspects to take note of during. The following information is a guide to assist in understanding the various aspects involved with a cancellation. FNB receives a request to cancel the bond over the property, either from yourself or from an attorney.

3 Once you have accepted the offer to purchase on your house, or you have paid up the loan and wish to cancel the bond, in order to get your Title Deed, or you have decided to move your loan to another financial institution, the leading up to cancellation of your bond with the SA Deeds Registrar (Deeds Office) is complex. Fortunately, it usually runs its course with you having little involvement. Please note that of the bond must be presented to the Deeds Registrar by a qualified Conveyancing Attorney. This can take up to 3 months, and is dependent on external factors beyond the Bank s control (i.e. Deeds Office, rates clearance certificate, SARS requirements). Bank Bank receives a request for cancellation of the bond from you or an attorney. Attorney Cancellation instructions are issued by the Bank to the Transferring Attorney and a panel Cancellation Attorney, providing them with the guarantee requirements to settle the loan with FNB. You will need to pay the attorney for their services. Attorney FNB releases the original Title Deed and Mortgage Bond to the Cancellation Attorney. The Cancellation Attorney liaises with the Transferring Attorney and receives guarantees to settle the existing loan where applicable. This is not applicable on a paid up loan account. Deeds Office Documents are lodged in the Deeds Office by the Cancellation Attorney. Attorney Cancellation documents must be signed with the Cancellation Attorney.

4 Deeds Office Documents are examined by the Deeds Registrar and may be passed or rejected. Deeds Office & Attorney Matter comes up on Preparation in the Deeds Office. This is normally one day before cancellation of the bond and the Cancellation Attorney must approach the Bank for final settlement figures. This step is to ensure that the initial settlement figures issued are still sufficient to close the home loan account. Attorney Bond is cancelled and the Transferring Attorney ensures that all payments are finalised for the seller and purchaser. On a paid up loan, the Cancellation Attorney will finalise payments for the customer. 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 you and the attorney. The home loan account will be closed.

5 On a cancellation of a home loan if you are selling the property, the costs you can anticipate are as follows: 1. Attorney cancellation fees. Please note this cancellation fee is charged by the attorneys for work done by them as well as Deeds Office fees, this fee is for your account and may vary depending on the number of bonds you hold over the property that needs to be cancelled. 2. An Early Termination Fee (where applicable) - please note that a 90 day notice period is required by the Bank of your intention to cancel the bond. You may give this notice yourself or you can leave this task to your attorney. The Early Settlement Fee is calculated on your outstanding balance at the current interest rate for a period of 90 days. If you have served the full 90 day notice period, no Early Termination Fee will be charged. If you have only served a portion of the 90 day notice period, the Early Termination Fee will be charged pro-rata for the remainder of the 90 days that must be served. 3. Bank costs and fees where applicable. No fee is charged by the Bank on a paid up bond, however in the event that you wish to keep the account open, a monthly service fee will be charged to your account. 4. Municipal rates and taxes must be paid up to date and the clearance certificates must be obtained. If the property is a Sectional Title, a Body Corporate clearance certificate is required from the Managing Agent. Where a Home Owners Association is established, a clearance certificate is required. 5. Personal income tax must be paid up to date. 6. The cost of an electrical compliance certificate, which must be obtained and submitted. 7. Estate Agent fees where applicable. 8. Monthly home loan repayments to your Bank until the loan is cancelled. 10. Property Insurance and Life Assurance premiums (which may be paid via your home loan or directly from your transactional account). Not meeting any of the above may result in a delay in the transferring. For the updated Pricing & Fees, refer to our Annual Pricing Guide at

6 On receiving a cancellation request, the Bank will calculate the settlement figure. Assuming that the mortgage bond will be cancelled within 90 days, certain provisions will be made for a 90 day period, where applicable: Outstanding home loan balance as at date of instruction issued to the attorney Accrued Interest at current rate from date of instruction to date of payment Monthly Service fees An amount equal to one debit order payment Home Owners Comprehensive Insurance Cover premium (if paid through the home loan) Life Assurance premiums (if paid through the home loan) Early settlement/ termination fee (if applicable) Legal fees (if applicable where legal action may have been initiated) When the matter comes up on preparation in the Deeds Office (This is normally one day before cancellation of the bond), the Cancellation Attorney will approach the Bank for final settlement figures. This step is to ensure that the initial provisioned settlement figures issued are still sufficient to close the home loan account. This ensures amounts are accurate should there have been any changes to the account, such as a change in the interest rate.

7 Once your bond is under cancellation, there are some important matters that we would like you to be aware of, so that we can help you manage your home loan efficiently. The next section covers the following aspects: Benefits, Rewards & Freebies Home Owners Comprehensive Insurance Cover Life Assurance Accessing funds on your home loan whilst under cancellation Statements Repayments Paid Off Home Loan Matured Loan

8 Benefits, Rewards & Freebies As a valued customer you may have qualified for a range of Benefits and Rewards for the duration of your home loan. This section aims to advise you of the impact of your home loan will have on various Benefits and Rewards. In addition, there are a range of benefits that you could receive if you meet the respective qualifying criteria, terms and conditions. For more details, enquire with our Home Loans consultant or visit Move Home Not Your Home Loan Property Leader Quick Sell ebucks Will Move Home not your Home Loan Once you are an FNB Home Loan customer, there s no reason to move! By staying with us you ll enjoy a number of fantastic benefits. An offering suitable for our existing customers. Visit to see how much you can save. Terms & conditions apply. 1. Save 100% on bond registration attorney fees 2. Get an early termination fee rebate 3. Get a bond cancellation attorney fee subsidy

9 Benefits, Rewards & Freebies (continued) ebucks Will ebucks members who have a home loan, can collect reward level points which can help them move up the reward levels and earn more ebucks! Visit for more information. Terms, conditions and qualifying criteria applies. Quick Sell If you availed of our Will option to protect your family and your assets, remember the importance of updating your Will following this cancellation if there is any impact to your Last Will and Testament. If you are no longer a Home Loan customer you could forfeit your free safe custody of a Will. Visit our website for more information. The Quick Sell Plan (QSP) is a private sale option that enables you to sell your property voluntarily in the shortest possible time and allows you to move forward with your life, or clear off a debt burden that you can no longer service. Customers who agree to the QSP are asked to sign a mandate, to provide FNB s chosen estate agent with the relevant information on the home, to allow access to FNB s appointed estate agent and potential buyers and to ensure that the property is marketed and sold in the quickest possible time at the best achievable price. This greatly reduces the time and expenses of the usual recovery es.

10 Benefits, Rewards & Freebies Property worth Estimated valuation calculator Area reports Property reports How can I increase the value of my property? Costs associated with selling a house Help if you need to sell your property urgently Sell property Setting the right price The condition of your home Property Leader Buying a new home is never an easy, but with our Property Leader concept, we can guide you through the home buying and selling and assist you every step of the way. FNB Home Loans have developed an extensive property database of unique property transactions. What makes it unique is that FNB has physically inspected and measured these properties, and is able to determine physical differences when comparing properties. This means FNB can help you make informed decisions about your property. We can help you determine affordability, and provide you with a free Pre-approval, a document that gives you freedom to shop for a home in your price range. Register for Property Leader on Prepare to sell Considering offers Finance upfront Key points to consider Occupational rent calculator Pre-approval online Access via social media Sign purchase agreement Customisable move checklists Key jargon explained Move home not your Home Loan Transfer Affordability Calculator Costs to consider Find a property Should you not already have the following tips will help you! For salary earners, a salary slip will usually be proof of income. If you are self-employed, 3 years of comparable statements as well as 6 months bank statements or income statement signed by your accountant may be required. When married in community of property, a joint application will be required when applying for a loan. Refer to for more information. Make an offer Repayment calculator Tips on making a good offer Occupational rent calculator Taking ownership Registration Customisable move checklists Online cancellation notice Maps Area reports Property reports Properties online Property and area checklist Get a Home Loan Key jargon explained Home Loan types Move home not your Home Loan Apply online Track your application online

11 Home Owners Comprehensive Insurance (HOC) Home Owners Comprehensive Insurance Cover premiums linked and paid from the home loan account, will be re-directed on cancellation of the bond. Owning a house also implies several financial obligations and the importance of taking out HOC should not be underestimated. Residential properties are prone to damage from fires, flooding, burst geysers, plumbing and natural disasters, and HOC is therefore absolutely essential as it covers these damages and losses to the property. Why is it important? The property is no longer security for the Bank once the bond is cancelled in the Deeds Office. As such, it is no longer a requirement that you take adequate HOC cover for the duration of the loan. The decision as to whether or not you choose to insure the property following resides with you if the loan is fully repaid. Not insuring your property means that you will no longer be covered against risk of loss or damage. HOC impact once your home loan is paid up and cancelled The following applies for OUTsurance HOC premiums through the home loan, on cancellation of the bond: A B If the property was sold, then we will arrange for of the HOC with OUTsurance. In the event of annual premiums, a pro-rata refund will be refunded to you. If the property is not sold, you have the choice of continuing with the policy. There is no longer a requirement by the Bank for the property to be insured. If you decide to continue with the insurance, the premiums will need to be redirected to a transactional account. You will be required to manage this to ensure that the property remains covered. It is however in your best interest to ensure your property remains insured. In instances where the HOC is underwritten by another insurance company (not OUTsurance); the onus is on you to advise the underwriter accordingly.

12 Life Assurance Life Assurance linked and paid from the home loan account, will be cancelled on cancellation of the bond. Why is it important? Life Assurance insures the bond holder in case of death. Life Assurance may be a condition to FNB granting you the home loan, which insures the bond holder in the case of death. The bond amount may be paid out in full and the money left over will be paid to the beneficiary, so your loved ones are not left with a debt burden. An additional benefit (if incorporated into the policy) will insure the bond holder in the event of permanent disability, incapacity, critical illness or retrenchment, the bond amount may be paid out in full and the money left over will be paid to the estate. (This is dependent on whether the event is permanent disability, incapacity, critical illness or retrenchment). If you opted to take all the FNB Mortgage Protection Plan, the policy will be cancelled on date of cancellation of the bond. In the event that you cancel your home loan, and the life assurance repayments were being financed through the home loan, you will now need to arrange for the premiums to be redirected to a transactional account. You will be required to manage this with your life assurance provider. Any cession held by FNB will be released on cancellation of the bond. Your financial advisor will be in a position to reassess your financial needs.

13 Accessing funds on your home loan whilst under cancellation Once the Home Loan is under cancellation you will no longer be able to view or access the Flexi Option online via our Internet Banking channel. You will no longer have access to any funds whilst your account is under cancellation as the settlement figures have been issued over the existing property for the transaction to proceed. This ultimately means that no monies will be advanced as this will impact the settlement figure issued. Flexi Option, Prepaid Option, Readvance, Future Use Withdrawal and Further Loans are all options that will not be available whilst the loan is under cancellation.

14 Statements Statements are produced bi-annually on posted statements and quarterly on statements. If you require a statement sooner, you may request an interim statement from our Contact Centre or access your statement online. You will receive a closing statement for your home loan once the account is closed. Repayments You will be required to continue making repayments whilst the home loan is under cancellation. 1. Debit Order 2. Salary Deduction If your home loan repayments are made via debit order, 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 refund has been paid out and the home loan is closed. If you pay your a salary deduction, you will have to notify your employer once the home loan is cancelled to amend your salary deductions.

15 Paid-off home loan A Paid-off home loan is when you have repaid the loan prior to the term of the loan being reached. Paying your loan off prior to the end of the term is a major milestone, but did you know that this does not mean that your bond is cancelled? If you would like to be in possession of your Title Deed, the bond must be cancelled in the Deeds Office and there is a cost associated to of your bond, payable to the Cancelling Attorney appointed. Some customers decide to keep the home loan account open after the debt has been paid in full specifically for insurance purposes. This is actually not necessary and in the long run costs you additional money, as interest is charged on the outstanding balance, even if it is for insurance purposes. The Bank therefore continues to incur costs for the administration of the account, and these costs are recovered from you in the form of a monthly service fee. In order to decide on whether it is beneficial for you to keep the account open, below are some points to consider: Do you still require access to funds from your home loan? Please note that should you require access to funds from your Paid-off home loan, the following applies: Retain the Home Loan account for possible use in the future and continue to fund the Home Owners Comprehensive Insurance Cover from the home loan account or redirect premiums to your transactional account. You may choose to retain your account as paid up but not cancelled to avail of monies from your home loan account in the future. This option is only available where the remaining term of the loan exceeds 24 months, and a debit order is in place. You may wish to retain the Home Owners Comprehensive Insurance Cover being funded annually or monthly from the home loan account to ensure the property is adequately covered against potential loss or damage. You may choose to redirect the premiums to your transactional account, which can be arranged through your insurer. The loan will attract a monthly service fee.

16 Paid-off home loan (continued) Flexi Option on a Paid-off home loan In the event that you have a Flexi Option on the home loan account, the Flexi Option will be made inactive and you will need to contact us when access to funds is required. We will then reactivate the Flexi Option. There will be criteria that must be met for you to qualify to access the Flexi Option on a Paid-off home loan. Prepaid funds on a Paid-off home loan In the event that you require prepaid funds, there will be no credit approval required, however there will be criteria that must be met for you to access prepaid funds on a Paid-off home loan Do you no longer require access to funds from your home loan? Should you no longer require access to funds from your home loan account, we recommend you cancel your loan. Although the account is paid up, the facility is still in place with the Title Deed in our possession. The Bank therefore continues to incur costs for the administration of the account, and these costs are recovered from you in the form of a monthly service fee, until such time as the bond is cancelled in the Deeds Office.

17 Matured Loan Making your final payment to your home loan is a major milestone, but did you know that this does not mean that your home loan is cancelled? If you would like to be in possession of your Title Deed, the bond must be cancelled in the Deeds Office and there is a cost associated to, payable to the Cancelling Attorney appointed. A matured loan is defined by the loan reaching the end of the original term agreed when the full loan amount should be repaid. For instance, your 240 months of your 20 year loan has expired, and the loan balance is R0.00. When the loan has matured, the home loan account will be closed, however, you will still be required to cancel the bond in the Deeds Office. The normal cancellation will be followed. If for any reason there is still a balance outstanding at time of maturity, the full outstanding balance becomes payable.

18 FNB Credit Bureaus Insurance Companies Claims and Policy Services FNB Home Loans: Tel: or FNB Home Owners Comprehensive Insurance Cover Substitutions or Annual Renewals: Fax: or ebucks: Tel: or / FNB Trust Services: Tel: or TransUnion: Tel: / Experian Bureau (Pty) Ltd: Tel: / Regulators National Credit Regulator Tel: / Tribunal Tel: (012) / Banking Ombudsman Tel: / FNB Insurance Brokers Tel: OUTsurance Tel: Contact details for complaints ing FNB Home Loans (A business unit of FNB, a division of FirstRand Bank Limited, Reg. No. 1929/001225/06) FNB Home Loans Executive Office. No. 1 Enterprise Road, Fairland, 2194 Tel: (011) / /

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