EXISTING HOME LOAN

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BENEFITS

If you are credit-clear and looking to raise additional finance on your home loan, refinancing your property may be one of the most effective ways to improve your cash flow and restructure your finances. Consolidation allows you to use the available value in your property to settle high-interest debt and reduce your monthly obligations - all under one affordable, manageable repayment.

To qualify, you must have a clear credit record, be up to date with all your bond and debt repayments, and show sufficient affordability for your monthly expenses.

When the value of your property has increased since your initial purchase, or you have paid off a considerable portion of your home loan, you may qualify to access the available equity in your property. This can be done either by applying for an additional or further bond with your current bank, or by switching your bond to another bank.

Applying for an additional or further bond means increasing your existing home loan with your current lender, allowing you to access funds based on the improved value of your property or the equity you have built up.
Alternatively, switching your bond to another bank involves moving your existing home loan to a new lender who may offer better interest rates, improved terms, or the option to release additional funds. This means your current bond is settled by the new bank, and a new mortgage bond is registered in its place.

In today’s dynamic financial landscape, there are various reasons why individuals may consider taking out a further or additional home loan, or switching their bond, whether for renovations, debt consolidation, or improving cash flow.

Home Renovations: Planning to upgrade your home? An additional home loan can provide the funds needed to turn your renovation dreams into reality, adding value to your property or increasing income potential by adding an income generating addition to your property.
Debt Consolidation: Struggling to manage multiple debts? Consolidating debts through an additional home loan can streamline payments and potentially lower interest rates, helping you regain financial control. Once you have increased your cash-flow, you can opt to pay additional into your home loan, to reduce the term faster.
Education Expenses: Funding higher education for yourself or a family member? An additional home loan can help cover tuition fees and related expenses, ensuring educational aspirations are within reach.
Unexpected Expenses: Life is unpredictable, and unexpected expenses may arise. An additional home loan can serve as a safety net, providing financial flexibility during challenging times.

Why Refinance?

🔹 Lower Interest Costs
Home loan interest rates are significantly lower than credit cards, personal loans, and store accounts. Consolidating your debt into your bond helps reduce the total interest you pay over time.

🔹 Improved Monthly Cash Flow
By combining multiple debts into one lower-rate repayment, you free up money each month - easing financial pressure and helping you breathe again.

🔹 Access to Equity
Use your property’s available value to fund important goals such as home improvements, education, business needs, or personal expenses.

🔹 Structured Repayment That Protects You
When consolidating your debt, we calculate an estimated additional monthly amount.
This ensures you still repay the consolidated debt over its original loan term - but now at a much lower home loan interest rate.

The monthly savings achieved through debt consolidation, or a portion thereof, can be paid as an additional amount into your home loan. This voluntary additional repayment helps reduce the repayment period of the consolidated debt while still allowing you to benefit from the lower home loan interest rate.

DEBT2BOND specialists are here to help achieve your financial goals with a smooth, successful application process.

GUIDELINE TO APPLICATION PROCESS

DOCUMENTATION

Employed Individual(s)

*Required by both applicants in the event of a joint application

Completed Online Application
Copy of ID(s)
Payslips: Last 3 months (6 months if earning regular overtime or commission)
Bank Statements: Last 3 months bank statements
Rental Agreement: If additional income is earned, rental income must be paid to a bank account
Maintenance order: Payments must be reflected on your bank statement.

These documents are essential for processing your home loan application efficiently.

PRE-ASSESSMENT & SUBMISSION PROCESS

Before applying for a home loan, a pre-assessment ensures a smooth process.

Credit Check: A clean credit report with no adverse listings boosts your application success.
Affordability Check: DEBT2BOND will assess your income, debt, and living expenses to determine affordability.
Application Process: DEBT2BOND submits, motivates, and follows up with multiple banks. Once approved in principle, a property valuation is conducted. If sufficient, a Final Approval is issued, including homeowners insurance, and registration instructions are sent to attorneys.
Credit check warning: Avoid taking on new debt or maximizing credit, as it may jeopardize the application during final credit checks.
Important: If you plan to use funds from your home loan for major purchases, debt consolidation, or shortening your bond term, we suggest making extra payments to quickly reduce the capital amount. The exact amount will vary based on the current variable interest rate for your home loan.

COSTS

Initiation Fee: This fee is charged by the new financial institution upon approval of your application. It can be paid in cash or, more commonly, added to the capital amount of your bond.
Registration Cost: This is the fee charged by the attorneys appointed to register your new bond, calculated based on the registered bond amount.
DEBT2BOND Professional Fee: This fee applies only to successfully approved & accepted home loans and is deducted from the proceeds on the date of registration. If your home loan application is not approved, there will be no charge. DEBT2BOND prioritizes transparency and client-focused service, ensuring fees are only incurred upon successful approval. We do not require any upfront payments, making the bond application process as affordable and stress-free as possible.
CANCELLATION NOTICE: When switching, the new bank's registration attorneys will request the cancellation of your existing bond — which triggers a cancellation. Here's what you can do:

Option 1: Give notice & wait out the 90 days
Either you or the nominated attorneys submits a cancellation notice, wait the full 90 days.
No penalty fee
But the process is delayed until the 90 days expire.

Option 2: Give Notice & Proceed Immediately
You don’t have to wait out the full 90 days
You still pay your regular monthly instalments as usual
You’ll only be charged pro-rata interest for the days remaining in the 90-day period at the time your bond is settled

BOND REGISTRATION PROCESS

After your home loan application is approved by the financial institution and you accept the offer, the process proceeds as follows:

Instruction to Registration Attorney: Upon accepting the Final Approval, the registration attorneys are instructed to initiate the registration of the further bond/bond switched. They will liaise with the existing bank’s cancellation attorneys to cancel the current bond.
Document Signing: Once all conditions of the new bond are satisfied, the registration attorneys will contact you to sign the required documents. After signing, they will prepare the paperwork for lodgement at the Deeds Office.
Deeds Office Registration: The bond registration typically takes 7–14 business days after lodgement, provided all conditions are fulfilled. Once registered, the attorneys will disburse funds from the new bond to settle the existing bond, cover costs, fees, and any specified accounts.
Confirmation Letter: The new financial institution will issue a confirmation letter detailing repayment terms once the bond is registered.

EXISTING HOME LOAN CUSTOMERS

RE-ACCESS YOUR PROPERTY VALUE