What is FutureUse?
FutureUse is a progressive home loan solution that allows you to register a bond greater than the home loan amount you require, creating a surplus amount that you can access at a later stage.
FutureUse takes into consideration the hectic pace of life today and the fact that your needs change from one moment to the next. By planning ahead, you can use the available value in your home to your best advantage.
Is this for me?
Future Use is suited for:
• New and existing FNB Home Loans customers.
• Existing customers accessing further funds.
• Customers with plans to make future improvements on their home.
Why do I need this?
• You only pay legal fees on the registered bond amount once and, as a result, save money in the future.
• You save time with a once-off home loan registration allowing greater flexibility with future access to additional cash.
• Monthly repayments are based on the funds that have been paid and not on the registered bond amount, making it more affordable.
• You have long term security and accessibility to your funds
What can I do with this?
If your property has increased in value, you may apply to use the additional finance on anything you choose, from home improvements
to holidays abroad. If your home has not yet increased in value, the FutureUse amount can only be used for home improvements that will build additional value in your home.
Do I qualify?
To qualify for FutureUse you need to:
• Individuals must have joint income of N$30 000 per month, or have an existing bond of N$1-million or more.
• Have a clear and favourable credit record.
• Must be 21 years or older.
• The term of the loan must expire before age 75.
• Have legal capacity to contract.
• Be able to meet affordability criteria.
• Be a Namibian Citizen.
What do I need to do?
• You have to apply for access, with each application being subject to the bank’s normal credit criteria.
• If you are completing a new home loan application for further loan application, you will be given the opportunity to apply for the FutureUse option.
How does it work?
For example, if the purchase price of your home is N$800 000 and you register a bond of N$1 000 000, the additional
N$200 000 is your FutureUse amount.
N$800 000 Payout amount
N$200 000 FutureUse amount
N$1 000 000 Registered bond amount
What will it cost?
• Your monthly repayments will be calculated on the paid out amount and will be recalculated with each subsequent FutureUse pay out.
• A FutureUse draw down fee will be applicable.
• Your home loan may be repriced, and your interest rate may be affected.
• Your monthly service fee will be adjusted in line with the current fees in terms of the Usury Act.
• Refer to our Annual Pricing Guide for specific fees. PF