In our guide today, we will look at the Absa FlexiReserve loan in South Africa.
The Flexi reserve is a product in Absa loans that allows you to deposit and withdraw extra funds to your home loan account.
The product allows you to use your home loan at the preferential home loan rate as a finance mechanism.
We will first look at the products where you can access FlexiReserve.
Where To Access Absa FlexiReserve
Below are the loans where FlexiReserve is a distinctive option:
- Absa home loan
- Absa private bank home loan
- The Gold Facility
- MyHome loan for a prepaid option
- First time home loan once the cost has been repaid
These are the products with the Absa FlexiReserve loan in South Africa.
What Are The Features
We will now look at the features of this loan.
You can deposit additional funds into your home loan, which are deducted from your outstanding balance, therefore, saving you interest.
You can withdraw available funds from your home loan account.
The additional deposits or withdrawals will affect the monthly installments on your home loan if the current installment is insufficient.
You have immediate access to available funds through internet banking, Absa mobile app, Absa ATM, or any branch near you.
The minimum you can withdraw from FlexiReserve is R1000, and you set the maximum via internet banking.
You cannot make a cash withdrawal directly from the home loan account.
You can use the funds for any purpose, such as home improvements, holidays, and education expenses.
These are the features of the Absa FlexiReserve loan in South Africa.
Absa FlexiReserve Loan
With the prepaid option, you can withdraw any funds paid over and above your required installments.
The comprehensive FlexiReserve option gives you access to available home loan funds, including repaid capital.
You can withdraw the difference between the outstanding balance on your home loan and the total loan originally granted to you.
You can draw back the original loan amount with this product.
There are two repayment calculation options where you can repay the new balance over the existing or remaining term, or the term is extended back to the loan’s original term.
The installment is recalculated once you make a withdrawal.
This is all you need to know about the Absa FlexiReserve loan in South Africa.