After a number of interest rate hikes many homeowners are beginning to struggle to manage the home loan repayments, but here’s a little tip about ABSA Home Loans‘ Access bond facility that may shine a light at the end of your tunnel.
In 2007 SA Home Loans launched a huge advertising campaign to introduce its Interest Only Home Loan facility. The product is geared towards individuals who earn commissions, or an irregular salary, and is designed to reduce the stress of paying your monthly mortgage repayments by offering you the option to pay only the interest portion.
Meanwhile, ABSA Home Loans clients may have noticed that they already have access to a similar option, which is built into their flexi reserve mortgage accounts (the 261 flexi facility).
Here’s how it works:
2 to 3 days after your monthly debt order has been drawn the interest, insurance and monthly admin fees are deducted leaving a small capital amount. This amount is then made available to you, and can be withdrawn from your bond account.
It’s important to note that you need to pay the full debt order every month. You can however withdrawn the capital portion after the debt order has gone through successfully.
For more information about this ABSA Home Loans Flexi Reserve product complete this short form and a home loan consultant will contact you directly.
Or Contact Us directly:
By Phone – 0861 111 563
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