Unbonded Property loan

Would be interesting to see what kind or interest rate you would get as it is not all that secure without the bond registered over it in the deeds office. I would imagine nowhere near as competitive.
 
Just_Ice said:
Would be interesting to see what kind or interest rate you would get as it is not all that secure without the bond registered over it in the deeds office. I would imagine nowhere near as competitive.
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Info PDF says.

Customers who apply via the FNB App will be eligible for a discount of 100% (one hundred percent) on bond registration costs.

So it seems to be very similar to a bond.
 
Just_Ice said:
Would be interesting to see what kind or interest rate you would get as it is not all that secure without the bond registered over it in the deeds office. I would imagine nowhere near as competitive.
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There will be a bond registered over it, by the new lender.

The reason it's called an "unbonded property loan" is because the property has to be unbonded at the time you apply for the loan, i.e. you own it outright. Otherwise it's not yours to offer freely as collateral.

So basically it's just a new mortgage over your previously-paid-off house.
 
Tomtomtom said:
There will be a bond registered over it, by the new lender.

The reason it's called an "unbonded property loan" is because the property has to be unbonded at the time you apply for the loan, i.e. you own it outright. Otherwise it's not yours to offer freely as collateral.

So basically it's just a new mortgage over your previously-paid-off house.
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Yup this last point.

It's a bonded proterty loan.

Honestly... Stay away from this debt unless you truly need it...
 
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