When you come on to Twitter & you see a tweet that resonates with you, what do you do?

Do you take steps to put it into motion or you move?

A THREAD ON HOW I MAKE USE OF THE REPO RATE CUTS TO PAY OFF MY BOND

See i never really bothered myself with the reserve bank's interest rates cut announcements. I knew they meant I will be paying less on my monthly bond.

Then I would celebrate each time the bank sent me a letter informing me of the effects of the rate cut & my new installment

With each cut meant more money in my pocket. Who wouldn't like that? It is a nice feeling having extra cash.

The downside is not being able to track where the extra cash is going. We move, right?

One fateful day in beginning of 2019, I log onto Twitter & i came across a tweet:

"If you have a bond call your bank and tell them to keep your monthly repayments the same"

I don't remember the author of the tweet & can't find it anymore but it gave me sleepless nights

What does this tweep mean?

Why would a person want to keep their installment the same?

Is the tweep crazy?

Does he/she know how nice it is to pay less?

But I just couldn't let it go. Why?

Then the quest begin

I started reading on it & coming back to twitter to check if someone has not written anything in a language I can understand

Then I made the dreaded phone call to my bank. I'm nervous & I don't know what I am going to request is even possible.

I explain why I'm calling & they tell me the name of what I wanted & they activated it. It didn't take long

After that with every announcement, the bank sents me a letter on the effect of the rate cut & what my monthly repayment would be but for the hold on my account my installment will be the same

Now you may ask, how is this helping me?

See I am technically paying more into the bond without feeling the pinch.

As it stands with all the repo rate cuts that have happened since I am paying almost 2k more than what I am supposed to be paying

With more reading, I noted that there was a year "2008" where the repo was hiked & people couldn't afford their houses anymore.

With my arrangement, should the SARB announce a hike in the repo rate i will not feel the pain as i am used to paying the high monthly repayment.

Thank you to the tweet author. I wish I can give them credit