The Universal Package is a structured solution that provides you with a tailor-made credit facility to support your wealth creation aspirations, while helping you to manage your day-to-day banking transactions.
What is the Absa Private Banking Universal Package?
- The Universal Package is a structured lending solution that provides Absa Private Banking clients with a tailor-made credit facility to support their wealth creation aspirations and financial goals.
- It provides clients with the flexibility to manage their day-to-day banking transactions using a Private Banking Account, Practice Management Account or a Private Trust Account.
- Clients who take up the Universal Package can utilise various collateral types as security and obtain an overall lending limit at one home loan interest rate.
- The various collateral types include residential properties, commercial property, share portfolios, fixed deposits, investment and endowment policies and off-shore investments.
- Clients may use available funds within their limit as they choose, whether it be to take advantage of an investment opportunity, purchase a new vehicle or to enjoy a once-in-a-lifetime experience.
- A secured facility that offers an amortising loan, over a 20 year-term.
- A client can set up sub-facilities within the Universal Package, each with its own unique description and own statement for simple account management and tax purposes.
- Payment for each sub-facility is managed via a separate monthly debit order.
- Linked current accounts for day-to-day financial needs are the Private Banking Account, Practice Management Account and Private Banking Trust.
- The Universal Package may be held by Individuals, Trusts and Professional Practices (which include entities registered as Close Corporations, Pty (Ltd)’s, Incorporated Companies, Partnerships and Sole Proprieties).
- Proof of income
- Full time employed - Payslip or other proof of income.
- Self-employed - latest business financial statements and confirmation from Auditors of personal income from the business.
- Proof of residence
- Proof of income