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How to make an access bond work for you

Access bond: What you need to know

With an access bond facility on your home loan, you won’t have to take out a personal loan to cover unexpected expenses such as fixing your pool or repairing your roof.

While you may already know that buying property and committing to a home loan is one of the biggest and most important investments you can make, what you may not realise is that by managing your bond and monthly repayments efficiently, your home loan can be the source to achieving other financial goals above and beyond your dream home.

In addition to extending your bond, you can also use your home loan’s funds with an access bond.

What is an access bond?

If you already have a home loan with us, you can set up an access bond facility to pay extra money into your bond. The extra funds can be withdrawn whenever you need it, or you can use it to reduce your monthly home loan instalments.

How can I open an access bond facility?

Opening an access bond facility is easy. You simply need a Standard Bank Home Loan and a bank, savings or business account with us.

The key to having an access bond is to build a surplus amount over and above your bond’s required monthly instalments. This can be done by paying slightly more than your minimum monthly repayments.

The benefits of an access bond:

  • Inexpensive loan option: Generally, a home loan is a relatively inexpensive loan option as it’s a secured loan with low interest rates, making it a far better borrowing option than any other short-term loans.
  • Access to loan capital: Once you have access to the additional funds, you can use it to cover any other expenses, from home renovations to a large hospital bill, instead of having to go through a costlier short-term loan.

Keep your options open

Even if you don’t need immediate access to the extra cash, having an access bond facility in place means that the money is always readily available.

And if you don’t ever use it, the additional amount will assist in managing your monthly bond repayments and will help to pay your home loan off sooner: a win-win situation.

Next step

To apply for your access bond, visit our home loans page or head to the property tips section of the Community to interact with other Standard Bank customers and bank consultants.