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For all buyers of new homes.
Bonds to be paid.
If your bond is (lets say) 21000.and you do not pay it off and are told you can pay it in yearly installments,they do
not tell you that you must pay interest on the balance.
Example,It is like taking out a 30 year mortgage for that 21000.
Interest builds and you will find out at the end of the first year that 21000 is reduced only a few dollars.Also you are charged a fee for them doing the paper work.
This is the way it happened to me.
Bond was $6000, paid $500 first year, during 2nd year add interest and bookkeeping fee and it reduced
bond by about $80. Needless to say I was fortunate enough to have the cash to pay off the balance of bond.
As I said earlier it is like taking out a 30 year mortage.