A common question among home buyers is whether it is possible to get two home loans at the same time. And the short answer is yes and no, it all depends really.
If you are buying a new property and are trying to get a bond from, say, ABSA Home Loans while also applying at FNB at the same time then you would have to choose to accept the bond from one of those banks. The bank will not allow you to have two bonds registered on one property.
But, you could apply for a Second Bond or a Re-advance on your existing property. A Re-advance is also often referred to as a further bond. With a further bond you are able to apply for a new home loan on your existing property. In this situation you already own a property and a new, bigger, loan is registered against that house. Most homeowners use further bonds to finance home renovations and other investments.
You may also be able to get a second home loan is you are purchasing a second property. In this case you will have one bond on your current property and another bond on the new property.
Of cause this is all subject to affordability, and you’ll need to prove to the banks that you are able to comfortably meet the requirements of both monthly bond repayments.
Can I Borrow Against My House To Buy Another House?