Low Interest Loan using home as security

[Dolby]

Curious if it is possible to get a loan at a low rate, without taking a homeloan?

Say someone wanted a quick R200,000 at a decent rate - what is the easiest way?

 

[SinghDude]

Curious if it is possible to get a loan at a low rate, without taking a homeloan?

Say someone wanted a quick R200,000 at a decent rate - what is the easiest way?

Unfortunately personal loans are there to screw you.... the likelihood of a getting a good rate are rather poor.


If you add on the cost of fees associated with the loan it is scandalous.


If your property is free-hold and you take a bond you will likely have to add on numerous other fees as well...


Perhaps access funds from an existing home loan is the 'cheapest ' option....just make sure you make it back sooner than the term of your bond.

 

[Tman*]

Curious if it is possible to get a loan at a low rate, without taking a homeloan?

Say someone wanted a quick R200,000 at a decent rate - what is the easiest way?

Let me know if you find anything, Im pretty sure there will be people queuing for something like this.

 

[henry1103]

Curious if it is possible to get a loan at a low rate, without taking a homeloan?

Say someone wanted a quick R200,000 at a decent rate - what is the easiest way?

Borrow from family will probably get you the lowest rate

 

[Dolby]

Borrow from family will probably get you the lowest rate

Probably.

But I was hoping there was some sort of banking product that I wouldn't need to go to them

 

[henry1103]

If you already have an existing home loan, you can probably bolt it on top of that current loan at the same rate.

 

[etwylite]

open business account. setup revolving credit facility secured by property. deduct interest expense.

 

[xrapidx]

Yeh, you'd probably have to extend an existing bond, or take out another bond on the property. I wanted to do the same to renovate our house - bank said no to personal loan, but suggested a second bond.