FNB - flexibond funds?

gregmcc

gregmcc

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I've got a home loan with FNB and see on my statement I have flexibonds funds available? What are flexibond funds?

Does it mean I can draw the flexibond funds and use in an emergency?
 
@gregmcc: What else do u wanna know? I've had it for 4 years now and use it and abuse it as i see fit :p That said, am gonna have to behave if I plan on applying for another bond it seems...

How long have u had your flexibond?

Off the top of my head, things that the FAQ doesn't mention:
-no cash deposit fee when depositing into this account
-no fees period on this account (not that I have seen) other than the monthly admin fee. R5 per month for older bonds but newer bonds the fee is quite a bit more than that.
-they will send u a letter everytime u withdraw funds, as per NCA requirements that u be notified of the implications of doing so each time.
-If u pay in extra to the bond it won't automatically re-calculate your monthly repayments. You have to request it.

DISCLAIMER: The above applies to my situation, your flexibond facility could have different conditions attached, also depending on what bank accounts u have where.
 
Flexibond is great - it means you can deposit extra funds temporarily in your home loan account - which will reduce your interest charged and when you need the money you may withdraw it and use it again.

Say you have R2000 - instead of leaving it in your savings or cheque account transfer it into your home loan account - even if it is for a few months until you need the money - the difference in interest is dramatic. You also have access to the paid portion of your home loan in case you need more funds.

I see that SA Homeloans does not offer this facility - what a crappy experience I have had with them.
 
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