By converting the equity in your property into cash, you can improve your monthly cash flow in various ways.
The money gets paid into your bank account and you can use it at your own discretion.
Apply for a loan through your bond broker
Bond application goes through a process of approval by the Financial Institutions Credit Division
The financial institution sends out a valuator to assess the value of the property.
Bond is granted, and financial institution advises Registering Attorney to register bond.
The buyer’s Bond Account and Supporting Documentation are prepared by the Registering Attorneys for signature by applicant. Up to this step takes about 5 working days. At this stage one can apply for bridging finance where up to 80% of the loan amount will be paid out. No need to wait until registration.
Once all the documentation is signed bond documents are lodged in the Deeds Office.
The Deeds Office takes approximately 7-10 working days to check all the documentation before they are ready for registration.
On Registration, the Bank pays out the loan amount. The whole process can take anything from 2-4 weeks, if there are no complications.
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