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We registered funds for future use when we bought the house and want to access that money now for renovations and debt consolidation among other things. We were advised by standard bank consultants not to say that we want to do debt consolidation and just to mention the renovations which will result in us getting the cash. To cut a long story short after a month and a half we now have a building loan registered which the bank refuse to convert to a re-advance.
A bank assessor came and house was valued at 150K more than our total bond will be after the re-advance. We can afford the extra payment and we were assured that it is not a question of affordability.
Does anyone have any experience of applying for a re-advance or funds for future use? And what should we do in order to get the money? The consultants are useless and cannot help.
We registered funds for future use when we bought the house and want to access that money now for renovations and debt consolidation among other things. We were advised by standard bank consultants not to say that we want to do debt consolidation and just to mention the renovations which will result in us getting the cash. To cut a long story short after a month and a half we now have a building loan registered which the bank refuse to convert to a re-advance.
A bank assessor came and house was valued at 150K more than our total bond will be after the re-advance. We can afford the extra payment and we were assured that it is not a question of affordability.
Does anyone have any experience of applying for a re-advance or funds for future use? And what should we do in order to get the money? The consultants are useless and cannot help.