Further Loans

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Access additional funds

A further loan is registered as an addition to your existing bond when you require funds. It can be used for improvements to your property, to fund a child's education, or for other large expenses and purchases. A further loan is not the same as a readvance because you are not changing to another lender - the further loan forms part of your existing bond.

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The difference between home loans and building loans

A building loan is used to build a new home on vacant land or to renovate an existing property. It is paid out in a series of progress payments that are released by the bank at various stages of construction. A home loan is paid out as a single sum and typically runs over a longer period than a building loan.

How building loans are paid out

A building Loan is paid out as construction progresses – usually in four progress payments – rather than in a lump sum. You trigger the release of funds each time by completing a payment progress form and submitting it to the bank. The bank will send a valuer to inspect the building work. If sufficient progress has been made to justify the amount requested, the funds will be released to the builder. If you have put down a deposit, this will be used first, before progress payments are released.

More information about further loans

Apply for your further loan today

What our customers say

Armand B

Geoffrey Cooke-Tonnesen of BetterBond assisted me in making my dream home a reality. What a legend. He made it easy and always kept me up to date with advice on the best way forward. I recommend BetterBond as the go-to for assistance.

Armand B

Mandie de Beer of BetterBond was excellent on communication. She responded promptly to all emails. I recommend BetterBond to anyone. Mandie made the process very smooth. We got a ridiculously low interest rate. I feel like I can apply for another home loan!

Dorothy E

Shoutout to Sharnam Kasipersadh of BetterBond for the professional, efficient and competent manner of dealing with our home loan application, whilst successfully obtaining the best interest rate deal for us with my favourite bank. I gladly recommend her to prospective bond applicants.

Any questions?

Any questions?

Find answers to all your questions around buying a property, affordability and more.

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