Coetzee recommends eliminating the deficit by paying in extra as soon as possible while interest rates are so low. This is probably your cheapest way to access funds and take advantage of the low interest rate cycle, says Coetzee.
Your repayments will be adjusted monthly in line with the funds utilised over the remaining term of the bond. You can apply to access the equity of the bond payments already made, and reduce monthly repayments if your home has gone up in value. Coetzee notes that the interest rate originally negotiated generally remains in play. Stevens notes that no registration is required, which saves costs, but a re-advance would be subject to normal credit vetting.
This option requires registration in the Deeds Office and will attract those costs and attorney fees. Coetzee raises the point that while this process usually takes about 3 weeks, timelines have been severely impacted by lockdown and Covid restrictions. Delays should be expected. He suggests taking the extra loan over a much shorter period of time, such as 5 years, to attract less interest.
Depending on your risk profile, the interest rate may differ from the original rate negotiated. The options available differ from bank to bank and may involve the renegotiation of interest rate and an extension of original term. With Standard Bank , you have the option of whether the additional money that you pay into your home loan is used to lower your monthly payments, or to bring forward that great day when your loan is paid off and your home is all yours.
Whichever financial institution your home loan is with - whether or not it is with one of the financial institutions mentioned above - all the information about access bonds will be available on the bank's website or by speaking to one of their consultants. Before you get to the stage of bond applications and access bonds, the first step is to find the perfect property for you and your family.
The Jawitz Properties team continues to work through this lockdown period and is on hand to answer questions that you may have. Contact us for more information about property searches, getting pre-qualified , access bonds and everything else on the road to your new home. A mastermind of light, space, and volume - commanding majestic panoramic views!
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Search Search. Please select the secured service you would like to access. Register for Absa Online Banking. What's new in online banking. Access funds from your existing home loan. Need extra cash? Get it from your home loan. Get additional funds now There are different ways you could use your home loan to get additional funds - see what will work best for you. FlexiReserve Benefit from extra payments Make extra payments to pay off your home sooner or to save on interest.
How it works: FlexiReserve comes free with your home loan. Pay extra into your home loan: monthly or a lump sum. Extra payments will save you on interest payments. You can capitalise the extra payments and reduce your monthly repayment.
If you need fast access to cash, you can pay additional funds from your home loan into your cheque account by using our banking app or online banking Flexi conditions will apply Tell me more.
ReAdvance Get money you have already paid Use the difference between your outstanding balance and the full loan amount. How it works: Get access to credit at preferential home loan rates.
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