Apply for a cash loan

How we can help you to Get a Loan in Tough Economic Times?

The recent Corona virus Covit-19 epidemic worldwide is creating a worldwide financial strain on Governments, Businesses and Private Individuals. This has caused food price increases, shortages and generally very tough economic times in South Africa right now. We mean that you’re probably feeling very stretched.. Financially. On top of all of that your car suddenly won’t start. You lose your job unexpectedly. Your child needs urgent medical treatment. We don’t like to think about these things, but the reality is that life is unpredictable, and you won’t always have enough savings to cover these unexpected expenses. That’s where emergency funds such as a Personal Loan can come in handy: They give you access to cash quickly in times when you need it most. Personal Loans can help bridge the gap by providing financing in the short-term, which you can pay off in smaller amounts later.

Conclusion

Times are tough in South Africa and in some instances a Personal Loan is the most suitable answer. But no matter what your current situation, you should always have a backup financial plan in place to help you take control of your finances, whether this means getting out of your current cash strapped situation or building future wealth.

Managing your finances

Your home is likely to be one of your biggest investments – so it’s important that you manage your home loan as effectively as possible, so it can be used as an effective tool to leverage your financial management. If you’re looking to save money on your home loan instalments and access the equity (value) that may have accumulated in your home’s value, Bondfin Assist can help you access the extra equity in the value of your home with a cash loan from one of the 5 main financial institutions in South Africa. A cash loan on your bond could provide you with substantial benefits. Your home is your greatest asset.

Refinancing your home and get cash out

But what exactly is home refinancing, and how can it benefit you?

It’s simply, home/property refinancing and it is one of the most effective ways to release cash, reduce monthly expenditure and improve your financial position, it will only help if done correctly and for the right reasons. Now more than ever, people are looking for ways to save money, free up more disposable income each month and get their hand on much needed extra cash. One of the most effective ways to ease your budget is by raising the much needed cash against your property and consolidating all of your greatest monthly expenses and land up paying one account only at the end of every month: Your home loan instalment.

When facilitated by home refinancing experts and managed efficiently, home refinance can be the most intelligent financial decision undertaken by a homeowner. If your primary goal is to raise a cash loan against your property in order for you to manage your finances more efficiently, then refinancing your home is a viable and worthwhile option – particularly if you’ve owned your home for at least 3 years.

How does property / home refinancing work?

It is the nature for a fixed property to increase in value over time. This means that if you’ve owned your home for several years or you have done some home improvement on the property, the likely hood is that it’s worth more now than it was when you purchased it, there for it did increase in value. When Bondfin Assist helps you to refinance your home, you’re securing a new mortgage for your property based upon its current value, and not on the amount it was valued at when you took out your initial home loan.

This gives you access to equity/cash that you can use to improve your standard of living or strengthen your financial standing.

Equity Explained

If you owe R 700 000 on your home loan, but your home is worth R 1 400 000, there is a R 700 000 difference in value. This is known as “equity” the cash value that you can get. Through home refinancing, you can apply to access this equity or cash value. Basically, equity is the cash difference, in value between what you owe on an asset, and the current value of that asset.

There for if you refinance your home for its current value, you could access the equity or cash value accumulated in your property. Essentially, it’s a line of credit being extended by the financial institutions, and thus you will pay interest on it.  However, if you secure low interest rates, such as those offered by the 5 major banks in South Africa, they will offer valuable means of improving your financial position or paying for major or unavoidable expenses.

What Are the Reasons for Refinancing your Home/property?

There are several reasons for refinancing a property. First and foremost, Refinancing your home at a lower rate could translate into savings of several hundred Rands – if not more – each month, and an overall saving of tens or hundreds of thousands of Rands over the life of the loan.

Another reason for home refinancing is equity release/cash release. Some homeowners require access to a significant sum of cash in order to settle debt, need cash flow in their business, or for a variety of other important or pressing reasons. When you refinance your home, you’ll gain access to this equity/cash at a competitive interest rate, which means that you’ll have the cash you need at an interest rate you can afford.

Lastly, individuals who find themselves in a tight spot financially often choose to refinance their homes in order to consolidate debt. Debt consolidation allows individuals to combine their debt into one lump sum and repay it at a more affordable interest rate than they’re currently paying.

Please note due to the relationship Bondfin Assist has got with the financial institutions the equity/cash value in your property will be paid out to you directly for you to use the funds wisely for whatever reason. If you decide you want to go to the banks directly you can, but all of the banks will not help you especially if you have got an existing bond on the property. Let’s say your bank will help you but as soon as the bank gets the application at head office they will ask you what do you want to use the extra funds for? If you say you want to use it for debt consolidation or in your business they will decline it immediately. They will only give you cash on the bond for home improvements in order for the value of the property to go up. They will then require quotations from contractors that are approved on their panel and for plans to be drawn up and approved by council. Now if that is all done then they will only pay out directly to the contractor as and when the work is done and not to you. Please do not panic, as we are here for you the client. As we have mentioned Bondfin Assist can get you the equity/cash value in your property and the funds will be paid out to you no questions asked, and you can do with the money as you please. We have to make sure and ask you to please use the funds wisely and not to make irresponsible decisions.

How can I refinance my home and get cash out?

If you decide to refinance your home, it’s important that Bondfin Assist helps you to do it through a reputable financial Service Provider that is able to offer you low interest rates.

Bondfin Assist can help and assist you to get the lowest interest rates available in the country, which makes us an ideal consulting, assisting agency to provide you with home refinancing services. Moreover, we do all the hard work for you, and all you have to do is furnish us with a few relevant details 

Apply now to refinance your home / property

Let Bondfin Assist help and assist you now for a home refinancing Loans and start saving money today!  So that you can benefit from significant savings and a more manageable bond solution. Contact us now on 011 100 4777 to speak to our home refinancing experts, and let us help you to secure the best deal that will suite you.

Guide to refinancing your property

If you’re thinking about effective ways to release cash, reduce monthly expenditure and improve your financial position, consider these simple steps toward refinancing and get cash out.

1. Arm yourself with information

If you speak to one of our consultants they can assist you and Calculate for you the amount and get a detailed breakdown of what we may be able to offer you.

2. Choose an application option

  • Apply ONLINE with your details and we will contact you.
  • Call our Sales Contact Centre on 011 100 4777 to discuss your home loan solution needs with one of our specialist consultants.

3. Send us your documentation

Send us the required documentation. Thereafter your consultant will do the rest.

Documentation requirements

You’ll need to provide us with the following documentation

If you are an employed individual:

  • Proof of income: Your latest up to date salary advice for the last 3 months. If you earn weekly or every fort night we will still need all the salary advices for 3 months up to date (for both applicants and all parties involved in the application if applicable).
  • Latest 3 months up to date personal bank statements (for both applicants if applicable). (if you have more than one bank account we will need 3 months bank statements from all of the trading accounts)
  • Personal Assets & Liabilities Statement for loan amounts over R1 500 000.
  • Copy of your ID document (for both applicants if applicable).
  • Copy of Marriage Certificate or ANC Contract (if applicable).
  • Latest 12 months up to date bond statements. (If property is paid up a copy of the title deeds)
  • Latest rates/Levy Statement/Utility account statement.

Note* Only required for clients that are applying for a cash loan/refinancing home/property  

If you are a self-employed:

  • Proof of income: Letter of Earnings from an Accountant (for all applicants if applicable).
  • Latest 6 months personal bank statements (for all applicants if applicable).
  • Personal Assets & Liabilities Statement.
  • Latest 6 months business account bank statements. (if your business is trading out of more than one bank account we will need 6 months business bank statements from all of the trading accounts)
  • Latest 2 years’ Annual Financial Statements.
  • Where Annual Financial Statements are older than 6 months to date, Current Management Accounts not older than 2 months signed by the applicant and accountant must be provided in addition to the Annual Financial Statements.
  • Copy of your ID document (for all applicants if applicable).
  • Copy of Marriage Certificate or ANC Contract.
  • Copy of Registration Documents or Trust Deed.
  • 12 months bond statements or copy of the title deeds 
  • Latest rates/Levy Statement/Utility account statement. 

4. Property Valuation

An expert appraiser will arrange an appointment to do an assessment value on the property.

5. Sign a letter of acceptance

Once the application has been credit approved, we prepare a loan proposal. This document details the costs, interest rate, indicative instalment and other important information for you to evaluate and sign.

6. Conveyancing

The national panel of attorneys that is on the bank’s panels will prepare all the necessary bond registration documents and will make an appointment with you to sign them.

7. Lodgement

The lodging of your bond registration is the next step and it happens immediately after you sign your documentation at the attorney.

8. Await registration

Registration of your bond at the Deeds Office will take approximately 2 to 4 weeks.

Once your loan is registered against your property, we will continue to provide you with personalised service and attention, and you will still be living in your house/property.

Are you ready to Register for a Cash loan?

Contact us today to discuss your options with one of our trained staff members

The Process in Registering a Cash loan/Refinance my Deal

If you need more information contact us for help.

Step 1

The Bond Attorneys (appointed by the bank registering the bond) request the draft deed and guarantee requirements from the Cancellation Attorney (appointed by the bank cancelling our Client’s existing bond). This information is forwarded to the Bond Attorneys then proceed to draft bond documents.

Step 2

Bond documents are drafted, signed by our Client and the guarantees are forwarded to the Cancellation Attorneys to obtain consent for the cancellation from the Client’s existing bank.

Step 3

Once all documents have been signed, the Bond Attorney arranges for lodgement of the documents.

Step 4

Once lodged, the Deeds Office takes approximately 4 – 6 working days to process the documents before registration takes place.

Step 5

Payment is made to you the client on date of registration of the loan against your property.

Delays could be caused by:

  • Failure by the client to provide personal information.
  • Failure by the client to provide details of the bank holding the existing bond.
  • The existing bondholder not providing cancellation figures and title deeds to the Transferring Attorney.
  • The client delays the signing of the bond documents.

We will call you back!

We’re pleased to meet you. Complete the form to have one of our administrators call you to explain how our services can benefit you whether you’re looking to own a home or property, or applying for a cash loan

Give Us a Call: 011 100 4777