Extending your FNB Bond

[DK@MyBroadband]

I am thinking of approaching FNB to extend my access bond as my property has increase in value. What I would like to understand in whether an extension on my bond will affect my current interest rate I have with them and is there any cost implications I will need to consider?

Thanks for the information in advance.

 

[Sinbad]

You'll need to register a new bond with the fees associated with that. Plus probably an initiation fee on the new loan, but not sure on that. Interest will depend whether your risk profile has changed.

 

[onlyoneken]

You'll need to register a new bond with the fees associated with that. Plus probably an initiation fee on the new loan, but not sure on that. Interest will depend whether your risk profile has changed.

Someone was telling me (but I haven't been able to confirm) that you don't have to go through this process if you have a flexibond?

 

[DK@MyBroadband]

What I can confirm is that if you are moving from FNB Home Loans to FNB Private Wealth you are looking at R 15k reg fee.

 

[ToxicBunny]

Someone was telling me (but I haven't been able to confirm) that you don't have to go through this process if you have a flexibond?

You will have to go through this process...

The bond is registered to a value, if you want to extend beyond that value, you need to register a new bond basically.