Utilizing home loan proceeds for saving towards future goals or difficult periods
In the digital age, managing property decisions has become easier for homeowners, thanks to tools like the nav" Home on the FNB Banking App. According to Jolandé Duvenage, Chief Imagineer for nav" at FNB, more and more homeowners are embracing digital tools to make informed decisions about their properties [2].
The nav" Home tool offers customers a comprehensive view of their bond information, live property valuations, and access to 5-star rated home service providers [1]. But what makes it truly valuable is the home loan access facility, also known as the Flexi facility. This feature allows homeowners to unlock additional funds they've paid over and above their minimum monthly repayments [3].
These extra funds can be reallocated to pressing needs, long-term ambitions, bridging short-term expenses, consolidating higher-interest debt, renovating a house, funding further education, or starting a side hustle [1]. By consistently paying more than the minimum on a home loan, homeowners can strengthen their financial resilience and increase access to funds over time [1][3].
Consistently paying extra on a home loan creates a buffer for unexpected expenses in the future. FNB encourages homeowners to reconsider their home loan access funds facility as a strategic tool for saving [3].
Key strategic uses of the facility include debt consolidation, boosting savings and emergency funds, funding investments for growth, and covering educational or personal expenses [1]. Because access funds come from money already paid into the bond, the key is to pay more than the minimum monthly amount or add lump sums over time to build a reserve. This enables unlocking those funds when needed without restructuring the home loan.
Mfundo Mabaso, Product Head of FNB Home and Secured Lending, emphasizes that the key to using this facility effectively is aligning withdrawals with a well-thought-out financial plan to avoid unnecessary debt or financial strain [1].
In summary, FNB’s home loan access facility transforms your bond from a passive monthly obligation into an active financial tool that can be prudently managed to improve financial resilience, reduce costly debt, and support gradual wealth-building in South African households [1][3]. The nav" Home tool aligns home loan with overall financial goals, prompting customers to consider the long-term impact of accessing funds versus preserving that value for the future.
References:
[1] FNB. (2021). FNB Home Loan Access Facility. Retrieved from https://www.fnb.co.za/personal/home-loans/home-loan-access-facility
[2] Duvenage, J. (2021). Digital tools for property management on the rise. Retrieved from https://www.fnb.co.za/personal/home-loans/digital-tools-for-property-management-on-the-rise
[3] Mabaso, M. (2021). Strategic uses of FNB's Home Loan Access Facility. Retrieved from https://www.fnb.co.za/personal/home-loans/strategic-uses-of-fnbs-home-loan-access-facility
The nav" Home tool on the FNB Banking App not only provides a comprehensive view of bond information and live property valuations, but also offers access to additional funds through the Flexi facility [1]. These extra funds can be used for various purposes such as consolidating debt, boosting savings, funding investments, or covering educational expenses [1]. By strategically managing this facility and aligning withdrawals with a well-thought-out financial plan, homeowners can improve their financial resilience, reduce costly debt, and support gradual wealth-building [1]. Education and personal-finance management are key factors in utilizing this facility effectively [1].
