Flexi reserve on bond

blunomore

blunomore

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I read somewhere that some of the (ABSA?) homeloans' flexi reserve can be accessed and others not.

Is that a choice one had to exercise when taking up the bond or how did that distinction come about ?

Thanks
 
stay away from ABSA

(edited for Blu)

Step 1: You need cash?
Step 2: Go to ANY bank except for ABSA
Step 3: Ask bank to extend bond (or make funds available)
Step 4: Profit
 
Last edited:
AcidRaZor said:
Only when you open the bond. And I'd stay away from ABSA. If you need money desperately, just go to your bank and ask them what you can do re: taking out a bigger bond on your home to cover your expenses for now.

Just any bank except ABSA. Thanks :P
Click to expand...

Your post is a bit confusing?
 
blunomore said:
I read somewhere that some of the (ABSA?) homeloans' flexi reserve can be accessed and others not.

Is that a choice one had to exercise when taking up the bond or how did that distinction come about ?

Thanks
Click to expand...

They just gave me one, think that's the only one they have.
I can access mine.
 
I think that NBS brought out the Flexibond eons ago, and it's popularity forced other banks to follow suit.

But, it used to be a case of either you chose a flexi-bond type product or you did not. I remember my parents marvelling at the way that I used it as a powerful savings account. They simply did not have that option, and could only pay a fixed amount, or pay their loan off.

But, nowadays I think legislation protects the consumer in that you can pay more than the fixed amount. I don't think the law covers getting the extra amounts that you paid back though.

So, in that respect, yes, it is a product choice that you must make.
 
AcidRaZor said:
stay away from ABSA

(edited for Blu)

Step 1: You need cash?
Step 2: Go to ANY bank except for ABSA
Step 3: Ask bank to extend bond (or make funds available)
Step 4: Profit
Click to expand...

the home loan was already taken out with ABSA 5 years ago

(answered for Acid)

Step 1: You need cash? No, just investigating options.
Step 2: Go to ANY bank except for ABSA See my remark above re already having the home loan with ABSA
Step 3: Ask bank to extend bond (or make funds available) Don't want funds now
Step 4: Profit - Can therefore not profit

:)
 
blunomore said:
I read somewhere that some of the (ABSA?) homeloans' flexi reserve can be accessed and others not.

Is that a choice one had to exercise when taking up the bond or how did that distinction come about ?

Thanks
Click to expand...

I had one of those. Its an option they offer to you when you initially apply for the bond. So if you pay a little extra each month, that extra bit gets allocated to the flexi-reserve.
 
I had the flexi reserve thing on my ABSA bond but sometime last year I got a letter from them saying that due to the fact that they have to hold X amout of cash as security against the "reserve" amounts that they were going to close the facility unless I applied to have something else. I can't remember the exact details.
 
moklet said:
We might as well stay away from any bank in SA ;)
Click to expand...
Better the devil you know. In my case...
MadMailMan said:
I had the flexi reserve thing on my ABSA bond but sometime last year I got a letter from them saying that due to the fact that they have to hold X amout of cash as security against the "reserve" amounts that they were going to close the facility unless I applied to have something else. I can't remember the exact details.
Click to expand...

You better check:erm:
 
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