Citizen Reporter
3 minute read
15 Nov 2021
4:30 am

How to cancel a bond

Citizen Reporter

TIPS: Minimise the costs and penalties of your home loan

Photo: iStock

Cancelling a bond is an inevitable part of homeownership, but you’re not alone if you have no idea what that process entails. Here are the steps to follow, and tips on minimising costs and penalties along the way. Step 1: Submit your notice of intent to cancel Unless your bond has reached the end of its term (normally 20 or 30 years), you’re going to need to provide at least 90 days’ written notice of your intent to cancel. Closing your bond before this notice period is up could incur penalty fees. (These are waived if the property is part...