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Use your home loan to pay off debt

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Homeowners who have been using their home loan facility to save might be able to access these additional funds to service their current financial needs.

“A home loan is more than a simple facility to help you pay off your property,” says Praven Subbramoney, chief executive of FNB Private Bank Lending.

“When used correctly, it is an effective money management tool which can be utilised as a savings pocket to tap into when you need it most.”

When you have paid more than your minimum monthly repayments, or have deposited lump sums into your facility pocket, you can access these funds when you need them to, for example, pay off debt.

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