You can now fund solar through your FNB home loan – here’s how it works

[BusinessTech]

You can now fund solar through your FNB home loan – here’s how it works

One of South Africa's major banks offers a new solution for alternative power supplies.

 

[ToxicBunny]

Hmmmm must investigate this.

 

[Napalm2880]

Hmmmm must investigate this.

I can't find any further info from FNB or where to apply. It seems like they just willing to give you a slightly bigger homeloan at the same interest rate?

 

[ToxicBunny]

I can't find any further info from FNB or where to apply. It seems like they just willing to give you a slightly bigger homeloan at the same interest rate?

Yeah, also had a quick look and can't find anything.

The way I read the article is like they'll extend your homeloan by up to 15%, but I want to know what the costs etc etc are, because that will be key as to whether its a viable option.

 

[Hemi300c]

A friend wanted to do this but they also wanted to increase the rate substantially so beware of this.

 

[APoc184]

There is the key wording. So doubt it will be at your bond rate.

The amount of the solar energy loan will be added to the customer’s bond and recorded as a single loan at interest rates that align with their credit profile,” said FNB

 

[MrGray]

So they pay the supplier directly? Hopefully, this isn't a closed system with a cosy relationship between FNB and "approved" suppliers.

 

[WollieVerstege]

On the app, FNB customers can access a range of alternative energy solutions on the FNB app and pay for them over 24 months for R149 per month.

So I first have to activate some service at R149pm on the App before I can access this facility?

 

[zerocool2009]

Just use your prepaid! Lol!

 

[DrJohnZoidberg]

After some digging I found the option is under "Nav-igate Life" -> "Nav Energy" -> "Finance Solutions" -> "Home Loan Solutions" -> "Solar energy loan: new home loan".

 

[Mike Hoxbig]

Yeah, also had a quick look and can't find anything.

The way I read the article is like they'll extend your homeloan by up to 15%, but I want to know what the costs etc etc are, because that will be key as to whether its a viable option.

Don't take out a solar loan, it just uses existing home loan mechanisms (readvance and further loan) and you're bound to their suppliers.

Just directly take out a readvance or further loan for home improvements, and then you can choose your own supplier.

You can contact the oke dealing with these loans for solar and he'll sort you out. PM if you need his details...

 

[newby_investor]

Re-financing your home has been a thing for many years though, hasn't it?

 

[zerocool2009]

Re-financing your home has been a thing for many years though, hasn't it?

Many ... many years.

 

[CTBP]

I don't feel like waiting another 6 months for solar, has anyone attempted to apply for one of these loans?

 

[ToxicBunny]

I don't feel like waiting another 6 months for solar, has anyone attempted to apply for one of these loans?

Nope, but you're going to wait 6 months regardless, that is generally the leadtime for stock/parts/installers time atm.

I'm hugely undecided about the option atm anyway, because you are forced to use FNB's choice of installers and there is probably going to be an "FNB tax" applied to their quotes.

 

[Nerfherder]

So I have a bit of money on our bond because the old house was only sold after we bought the new one.
Not sure if its better to dip into that capital or take this refinance option. I wonder if there is actually a difference ?

 

[newby_investor]

So I have a bit of money on our bond because the old house was only sold after we bought the new one.
Not sure if its better to dip into that capital or take this refinance option. I wonder if there is actually a difference ?

I'd suggest just dip into your capital. If you refinance that creates extra costs and headaches.

I'm sure @zerocool2009 would have a similar opinion.

 

[Snyper564]

I'd suggest just dip into your capital. If you refinance that creates extra costs and headaches.

I'm sure @zerocool2009 would have a similar opinion.

I echo this use existing capital if available.

 

[ToxicBunny]

So I have a bit of money on our bond because the old house was only sold after we bought the new one.
Not sure if its better to dip into that capital or take this refinance option. I wonder if there is actually a difference ?

If you have the capital in your bound, then I'd dip into that...

You get the choice of your installer, you don't pay an FNB premium at all, and you know the interest rates and term etc..

 

[zerocool2009]

So I have a bit of money on our bond because the old house was only sold after we bought the new one.
Not sure if its better to dip into that capital or take this refinance option. I wonder if there is actually a difference ?

If you refinance with prepaid funds (that are available go for it). If you need to apply for funds to be unlocked asif the flexi was forfeited, you need to be fully screened, and your monthly service fee will change (as per the current lending rules)