Homeowners who have been using their home loan facilities 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 the most.”
Through this facility, when you have paid more than your minimum monthly repayments, or deposited a lump sum into your facility pocket, you could be in a position to access these funds when needed.
“In light of these unprecedented times, where many people are facing salary cuts or even complete loss of income, this facility could provide an additional buffer which could assist with settling expenses, such as their household obligations, as well as ease financial pressure over the next couple of months,” he says.