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How to make an Access Bond work for you

Access bond: Make your home loan work

With an access bond facility on your home loan, you won’t have to take out a personal loan to cover those surprise expenses.

While you may already know buying property and committing to a home loan is one of the biggest and most important investments you can make, what you may not realise is that by managing your bond and monthly repayments efficiently, your home loan can be the source to achieving other financial goals above and beyond your dream home.

In addition to extending your bond, you can also use your home loan’s funds. Here’s how you can make your home loan work for you:

Open an access bond facility

The key is to have an access bond and to build a surplus amount over and above your bond’s required monthly instalments. (This can be done by paying slightly more than your minimum monthly repayments.) By opening an access bond facility on your home loan, you can borrow the extra money you deposit and use it for other purposes and expenses.

The benefits of an access bond:

  • Inexpensive loan option: Generally, a home loan is a relatively inexpensive loan option as it’s a secured loan with low interest rates, making it a far better borrowing option than any other short-term loans
  • Access to loan capital: Once you have access to the additional funds, you can use it to cover any other expenses, from home renovations to a large hospital bill, instead of having to go through a costlier short-term loan.

Keep your options open

Even if you don’t need immediate access to the extra cash, having an access bond facility in place means that the money is always readily available.

And if you don’t ever use it, the additional amount will assist in managing your monthly bond repayments and will help to pay your home loan off sooner: a win-win situation!


Next step

To apply for your Access Bond visit our home loans page, or alternatively head to the property tips section of the Community to interact with other Standard Bank customers and bank consultants.