My monthly income is R13 000 and the value of my property is R400 000. Do you think I must go for it, or is it too soon? The rent will be R1500-R2000 per month.

Answer
I think you might be over-extending yourself. You may get a better interest rate from another bank, but you will pay a fee for switching. Find out what the costs are before making a decision you could regret.

Regarding your plans to buy a second piece of land and building on it: Remember that, firstly, it takes time to build a house and you will have to pay the bond even though you will have no income from the land during this period. Building is very expensive, and building costs have a way of increasing exponentially during the building process.

If you have a R370 000 bond, but you are only receiving between R1500 and R2 000 a month, you will have to pay in extra towards the bond. Your rental would only cover about half of your monthly payment. You would also have to continue paying the bond on your first property. You also have not factored in a vacancy period, the time and money spent looking for a tenant, the agent's fee if you outsource the letting, or any money towards the maintenance and upkeep of this property.

It's also debatable whether the bank would consider granting you a second bond in the first place.

All in all, I don't think you have done your sums and I fail to see why you would want to invest in this second property at this stage. If you have extra money, rather use it to pay off your existing bond, and get rid of debt in a shorter time.