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FurtherAdvance

If the value of your property has increased or you want to improve your property, FurtherAdvance is a great way of registering a higher amount on your bond and having access to that equity.

There are two ways of using your FurtherAdvance:

To access the enhanced value of your property
For example: Your bond has been registered for R300 000 and a loan of R300 000 was granted. Your property is reassessed and the value determined at R450 000 (so your property has increased in value). The amount borrowed will be capped at a certain percentage, so you can register R150 000 extra on your property as a FurtherAdvance.
To increase the value of your home
This is ideal if you would like to increase the value of your home through improvements or extensions to your property using the Building Loan process.

Remember that FurtherAdvance is, essentially, the process of increasing your home loan. This means that you may need to register an additional bond, which will incur legal fees, in addition to an initiation fee that may be charged.

FurtherAdvance could be the right choice if you:

Want to use the home loan interest rate to finance other purchases
Want to use the equity in your home to settle your debt
Would like to extend or improve your home

Did You Know?

With ReAdvance, the amount re-advanced to you can be structured into separate portions, each with its own repayment structure and loan term, using a Multiplan account.

What you get?

To register a higher amount on your bond and have access to that equity
A cost-effective way of financing just about anything since home loan interest rate charges are generally lower than most other types of finance
Early access to funds if you are accessing the enhanced value of your property
Funds that can be used for any purpose, such as home improvements, education or debt settlement