In our guide today, we will discuss the Absa Flexi home loan in South Africa.
With a Flexi savings account, you can get a home loan with competitive interest rates.
You can get additional funds from your Flexi home loan through FlexiReserve, Readvance, and Further Advance.
We will first show you what a FlexiReserve is.
What Is A FlexiReserve (Absa Flexi Home Loan)
You are offered a FlexiReserve facility when you apply for a home loan, and if you do not have it, you can apply at any time.
You can make extra payments to your home loan account, but you will only withdraw once your FlexiReserve is approved.
You can capitalize the extra payments and reduce your monthly repayment and at the same time save on interests.
When you pay additional funds from your home loan into your cheque account using the Absa banking app or online banking, you get fast access to your cash.
To access the FlexiReserve funds, you must transfer the money from your home loan account to your linked transactional account.
The minimum amount (cash) you can withdraw in a transaction is R1000.
This is how a FlexiReserve works with your Absa Flexi home loan in South Africa.
What Is ReAdvance
With this facility, you have access to credit at your preferred home loan rates, and you get the money you have already paid into your home loan.
You use the difference between the outstanding loan balance and the full loan amount.
You can apply or register and get your cash within 48 hours after the application has been approved.
You can structure your money with Multiplan.
There is no extra fees or bond registration fee required from you.
The facility is subject to credit assessment and property valuation.
This is how the Absa Flexi home loan readvances work in South Africa.
Absa Further Advance
With this facility, you use your home’s increased value, meaning that you can apply for the extra value in cash as your home increases in value.
You can use the cash any way you want, whether renovating the home or doing leisure activities.
You can structure your funds with Multiplan.
You need to register a further bond at the deed office to get this facility to work.
This is all you need to know about the Absa Flexi home loan in South Africa.