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Tag: Further Home Loans

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Mortgage Plus Links

Friday, January 8th, 2010 | Home Loan Tips for South African's | Administrator

Cilck on the Links for more options!

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Further Home Loans through Mortgage Plus Home Loans

Monday, January 4th, 2010 | Home Loan Tips for South African's | Administrator

Further Home Loans trough Absa Bank, Nedbank, Std Bank and Fnb Bank.


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)
  • 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.
Readvance
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.

Please go to www.mortgagepluscc.co.za for more home loan options.

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