A further loan could be the solution and the simplest way to increase the amount of your original loan when you need access to additional funding. A Further Loan enables you use your property to apply for an additional loan to fund additions or renovations to your home. This additional loan is secured by a second bond over your property over and above the original registered bond amount. The only pre-requisite is that there must be equity in your property. Repayments are tailored to suit your pocket and you repay a single loan.
Benefits of applying for a Further Loan against your existing property:
- You get fast access to a loan
- To release cash tied up in the value of your house
- Access to cash when you need it
- To use surplus cash released to reduce other expensive forms of debt
- You benefit from a low interest rate
- To restructure your home loan over the maximum period to reduce monthly cash flow
- Easy to manage
The term of the Further Loan is usually the same as the existing bond, but you can request a longer term of up to 30 years. Because a second bond will need to be registered on your property, bond registration costs will apply.
Contact further Loans www.furtherloans.co.za