FURTHER BOND BRIDGING LOAN
Get up to 80% of your second bond as a cash advance
Access Funds Sooner When Raising a Second Bond or Switching Banks
You’ve successfully applied for a further bond, an increase on your existing home loan or are switching your bond to a different bank, and the funds are approved. However, the process of registering the new bond amount at the Deeds Office can take time, leaving you waiting for the capital you need now for renovations, investments, debt consolidation, or other urgent expenses. Our Further Bond Bridging solution is specifically designed to bridge this gap, providing you with early access to a significant portion of your approved bond funds without the wait.
Early Access to Approved Funds
Get uop to 80% of your approved further bond or bond increase paid out to you before the new bond is registered.
Bridge the Registration Delay
Provides essential liquidity during the waiting period for Deeds Office finalisation, which can take up to 30 days or longer.
Fast Payments
Once approved, funds can often be accessed much faster than waiting for the full bond registration process.
Simple Repayments
The bridging loan is repaid directly from the proceeds of your further bond when it is registered.
Who It’s For
Further Bond Bridging is designed for existing property owners in South Africa who have applied for and received approval for a further bond, a second bond, or an increase on their current home loan. It is also applicable if you are switching your bond to a new bank. If you have this approved funding in place but require access to the money urgently before the new bond amount is formally registered at the Deeds Office, this bridging finance solution is for you.
Benefits
- Accessing your approved funds quickly, avoiding the delays associated with the legal registration process.
- This allows you to meet urgent financial needs, whether covering unexpected expenses, funding time-sensitive opportunities, or simply getting started on your planned use for the further bond without delay.
- It provides financial flexibility during the waiting period and offers peace of mind knowing the approved capital is accessible when you need it, secured by the very funds you are awaiting.
Cost Breakdown
Further Bond Bridging is a short-term finance solution designed to cover the period until your further bond is registered.
- Minimum Term: When property transfers (loan is repaid upon successful transfer).
- Maximum Term: 3 months.
- Annual Percentage Rate (APR): Rates typically range from 48% to 54%. Your specific rate will be determined at the time of application.
Illustrative Example:
- Loan Amount: R 100,000
- Term: 65 days
- APR: 48%
- Estimated Total Repayment: R 108,645
Please note that this is an illustrative example. The actual costs and terms applicable to your bridging finance will be subject to the lender’s specific terms and conditions at the time you receive a quote.
Frequently Asked Questions
What is further bond bridging?
Further Bond Bridging is a short-term finance solution that allows you to access a portion of the funds from a further bond, second bond, or bond increase that you have already had approved by a bank, before the new bond amount is officially registered at the Deeds Office.
How does it differ from a personal loan?
Further Bond Bridging is specifically secured by the approved further bond amount that is pending registration. This is different from an unsecured Personal Loan, and the terms and costs are structured around the impending bond payout.
How quickly can I access the funds?
Once your application is approved and all necessary documentation, including proof of your approved bond, is verified, funds can often be disbursed rapidly, potentially within 24 hours, significantly faster than waiting for the bond registration.
What are the typical terms?
The terms are short-term, designed to cover the period until your further bond registers, with a maximum term typically around 3 months.
APPLY FOR A SECOND BOND OR SWITCH BOND BRIDGING LOAN
This form applies to the following bridging loan categories:
Further Bond Loans
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