Debt consolidation using Standard Bank Further Advance (2nd bond)

If you have a home loan with Standard Bank you may take out what they term the Standard Bank Further Advance, which as they sort to explain as a  second bond. Just like other such loans you can use it to consolidate your debts.

Standard Bank Further Advance is a second bond that you register with Standard Bank and use to gain access to a money that you can use to pay off your debts, i.e. to consolidate your debts under one lower interest loan. Although it’s unlikely that Standard Bank will ask you what you will do with the money they might check that you will be using it wisely to avoid them getting into trouble with the NCR.

Some people confuse the Further Advance product with Re-Advance product. With Further Advance you can use the money for anything else you would like, but with the Re-Advance you use it to make alterations and improvements to your current property, but this will require that you give supporting documents like approved building plans and quotations. This is the only difference between these two products so make sure you choose the correct product so as to consolidate your debts with Standard Bank home loan.

If you would like to read more about how best to consolidate your debt please click here.