Absa Multiplan Account 2023, Structure Your Home Loan Into More Accounts

Our guide today will focus on the Absa Multiplan account in South Africa.

We will start by briefly explaining what a Multiplan account is.

What Is A Multiplan Account

This account allows you to structure your home loan into multiple accounts to suit your individual needs.

You save interest by financing more debt at the preferred home loan rate over a short time.

This Multi-Plan account is ideal if you want to finance a second-hand car, buy furniture, improve your home or finance your education expenses.

Now that you understand what a Multiplan account is, we will go ahead and show you exactly how the account works.

The account consists of a primary account which is your original home loan account, and one or more secondary accounts.

Each Absa Multiplan secondary account will have its own repayment term, which does not exceed that of the primary account.

The account will also have its own statement, Flexi Reserve and an interest rate option, whether fixed or variable rate.

You will repay each loan separately through a debit order.

Every secondary account has its designation. Examples include; A New Car Account or Ken’s College Account.

When you opt for the Flexi reserve on each Multiplan account, you can access any additional funds paid into the account.

This account is highly flexible and a cheaper money management tool.

You can increase your Absa home loan and set up Multi-plan accounts by applying for a further advance if there is equity in the property value.

You can also apply for a ReAdvance to take your loan back up to the loan granted amount.

This is how the Absa Multiplan account works in South Africa.

We will now show you the requirements to qualify for this account.

Below are some of the primary requirements for this account:

These are the basic requirements to qualify for the Absa Multiplan account in South Africa.

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