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NedRevolve: Further credit through your home loan
Paying more than the minimum instalment can give you more credit when you need it.
If you can afford it, paying a little extra on your home loan every month is always a good idea. You save money by paying less interest, and the length of your bond (usually 20 years) is cut down.
Also, when you pay more every month, the difference between your home’s value and the amount that you still owe – called the ‘equity’ in your home loan – grows faster. If you sell your home, the extra equity means that you pay less to settle your home loan, and you can use the money you save towards your next home.
Boost your credit for future needs
There’s another good reason to pay more than the minimum instalment every month and build up equity in your home loan. You can borrow against it when you need credit – whether you need to pay school fees, you want to install a solar power system to help you deal with load-shedding, or it’s time to renovate or enlarge your home.
However, applying for another loan on your home involves paperwork and delays. Wouldn’t you rather have access to extra credit whenever you need it without having to go through lengthy admin processes? If so, consider applying for a Nedbank home loan and get access to the NedRevolve facility. It’s a simple, easy way to access the extra equity that you’ve built up in your home loan when you need more credit.
What is the NedRevolve home loan facility?
To be clear, NedRevolve is not something you need to apply for, or ‘add’ to your Nedbank home loan. Nedbank automatically loads this feature onto any client’s bond, except when the application is a building loan and money needs to be placed on retention. To access NedRevolve, you must have both a home loan and a transactional account with Nedbank.
You can access the extra NedRevolve funds in your home loan whenever you need to, through the Nedbank Money app or Online Banking. Simply transfer the money from your home loan account into your Nedbank transactional account, and you can use it right away. The service is free, but you must transfer a minimum of R1,000 whenever you use it.
Get access to extra credit when you need it in the way that you find most convenient
Think of NedRevolve as part of your savings and investment strategy. Because it’s your money, there’s no paperwork, so you can get help to take care of a pressing need immediately, with a few taps on your smartphone screen or laptop trackpad.
However, be aware that the balance available in your NedRevolve facility will reduce steadily over the term of the loan as you pay it off. In addition, when you use NedRevolve to access extra credit, your monthly instalment will increase. Factor this increase into your future payments, so that you can continue to pay more than the minimum and enjoy access to NedRevolve.
Other ways of accessing home loan equity
NedRevolve is one of 4 Nedbank facilities that make it easier to access equity you’ve built up in your home loan. You might also consider:
- HomeVision This facility allows you to register your bond at a higher loan amount so that you can get faster access to extra money when you need it.
- Readvance This facility lets you borrow back some of the money you’ve already paid into your home loan account, without having to register another bond.
- A further loan If the value of your home has increased since you took out your home loan and you want more money to renovate, you can apply for a further loan of a minimum of R50,000. If the loan is approved, you will have to register an extra bond with its own interest rate and fees.
Terms and conditions apply to all these offers, and where you are in your home loan journey may determine which one is best for you. Explore all the options before you apply for a home loan to get access to extra credit when you need it in the way that you find most convenient.
