Home Loan Available Balance

[kanzen]

I currently have a home loan with FNB which is about to deduct the first instalment. Since I had some extra cash in my cheque account I decided to transfer some into the home loan thinking it would appear under Available Balance...but all that happened was a reduction to the capital amount.

Does it take some time to show under Available Balance or do I have to change the home loan type to have access to the additional funds?

After phoning FNB twice, the following happened:
1st Call: Call answered with nothing but silence (apart from heavy breathing)
2nd Call: Got transferred and ended up talking to a guy who probably doesn't even know which bank he's working at. He ends the call after keeping me waiting silently for a few minutes.

 

[kanzen]

Looks as though I have to pay off the initiation fee portion first

 

[yebocan]

any extra cash you dump into your bond, will eat away at the capital amount. Does take a few days for your available/prepaid balance to update, just make sure you have your flexibond facility active...takes the hassle out of getting your hands on your surplus.

 

[nicbst]

Good questions, since I'll be starting my first home loan soon...

Also, strange about phoning FNB. I've always been helped within a few minutes by very competent people. As in end the call satisfied helped. Could be the premier banking team though, if they are really separated from the rest.

 

[kanzen]

any extra cash you dump into your bond, will eat away at the capital amount. Does take a few days for your available/prepaid balance to update, just make sure you have your flexibond facility active...takes the hassle out of getting your hands on your surplus.

Thanks! Apparently the bond has a flexi facility so I'll check over the next few days to see if the money has reflected in the available balance.

 

[zerocool2009]

Thanks! Apparently the bond has a flexi facility so I'll check over the next few days to see if the money has reflected in the available balance.

Once the bond has gone off, check after 7 days again. You can borrow that from your bond if you need cash !

 

[zerocool2009]

Once the bond has gone off, check after 7 days again. You can borrow that from your bond if you need cash !

Did anyone see what I was trying to explain to borrow against your debit order again (after 7 days) ?