This is probably the least attractive option given that personal loans carry high interest rates. Under the National Credit Act, the maximum interest rate on personal loans is 28.25% a year. The remaining three options involve the use of your home loan facility. The maximum interest rate on home loans is currently 19.25%.
These interest rate caps change every time the repo rate changes, and we are currently in a rising interest rate cycle.This applies if you have extra funds that you have paid into your home loan, over and above the required monthly instalment. Not all home loans include this facility, so you need to check with your bank first.
You may also have registered a higher amount than the actual loan when you made the initial loan application, and you could apply for the difference in the form of a re-advance. For example, you registered a loan of R3-million but then only took out a home loan for R2.5-million and you now want to access the remaining R500,000.This means increasing your current home loan, provided there is sufficient equity in your property.
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