Further Loans

You can use the value in your property to finance renovations, a new car or to pay off other debt. It is one of the cheapest forms of borrowing.

Further loans or Advances against your current home loan may be used for:

• Alterations or additions to your home or property

• Finance for purchase of other assets e.g. Motor Vehicle

• Paying for Family holidays and education fees

The banks have different requirements, but the general requirements are:

• Minimum Loan amount of R100,000.00 (ABSA R50,000.00)

• Building Loan Requirements ( See Documentation Required )

• There must be sufficient value in your property

• The Affordability calculations will be applied to the loan amount

Further Advance

A further advance against your existing property is one of the two ways to obtain further finance. This is when you

register a further bond over the property in order to obtain additional funds. This is because the value of the property

market and your specific property has possibly increased over time.

Re-advance

A readvance from your existing home loan is the second way to obtain further finance. This is when you have repaid a

part of your home loan and the funds are made available without having to register a further bond over the property.

CONTACT US

Speak to a home loan consultant about financing your new property or reviewing your existing mortgage. We are able to assist in lowering your bond repayments and securing attorney discounts.

Complete this short form online
Call us on 011.327.4489
Email: morne@mortgagepluscc.co.za

www.mortgagepluscc.co.za

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