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.

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.