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Register

Further Advance Home Loan

If you need money, you could increase your current home loan by taking up a Further Advance. Get sufficient value in the property to allow bond registration to cover increased loan amount. Use the funds for anything from home improvements, education to your dream holidays.

How to get it and what you can expect

What you get

A Further Advance is a cost-effective way to access the increased equity in your home for those much-needed renovations and extensions. Structure your Further Advance on MultiPlan for easy money management and interest savings.

Example of Client A below with a Further Advance:

Home loan originally granted: R180 000.00

Current outstanding balance: R100 000.00

Original bond amount registered: R180 000.00

Original value of property: R200 000.00

Current value of property: R350 000.00

Client A submits a Further Advance of R200 000.00.

This will then increase the home loan to a total loan amount of R300 000.00 (R100 000.00 outstanding balance + R200 000.00 Further Advance).

In this case, an additional bond (second bond) of R120 000.00 would have to be registered via a bond registering attorney (R180 000.00 existing bond amount + R120 000.00 second bond = R300 000.00 total bond amount).

Value of property: R350 000.00
How it works
You can apply to increase your loan by the difference between the original loan granted and the current value of your home (credit lending rules apply)

You will need to register for an additional bond with a Further Advance, which means there will be some attorney and bond registration costs
What you will need to apply
In order to apply for a Further Advance, please bring the following documents:

A valid bar-coded identify document (ID)

Latest salary advice

Offer to purchase (if purchasing a property or refer to 'Building Loans Process' if building)

Provide consent for three (3) months' bank statements if you bank with First National Bank (FNB), Nedbank or Standard Bank, otherwise provide three (3) months' bank statements

In addition the the above mentioned documents, please also bring the following for a building loan:

Copy of provisional or approved plans

Copy of detailed tender and quotations

Minimum specifications and schedule of finishes

Waiver of Builders Lien