SBS offers Mortgage Re-advance Facility

The Swaziland Building Society (SBS) is pleased to offer its mortgage clients the Re-advance Facility, providing them with an opportunity to access additional funds primarily for home improvements on properties financed through an SBS mortgage.

This facility can also be used for other property-related financial needs such as paying rates or maintenance expenses.

Phindokuhle Dlamini, Senior Mortgages Officer at SBS, explains: “Over time, properties that are not properly maintained tend to depreciate in quality and value. It is crucial for homeowners to keep their properties in good condition, and the re-advance facility offers a convenient way to secure the necessary funds for upkeep.”

Dlamini further emphasises that “well-maintained properties are more likely to appreciate in value compared to those that are neglected and fall into disrepair.

This is particularly important during seasons like spring and summer when maintenance tasks, such as ensuring roofs are watertight and preventing leaks, become essential.”

The re-advance facility is not limited to the main house; it also covers other aspects of the property, such as upgrading garage doors, repairing motorized gates, construction of boundary walls and general renovations.

To apply for the Mortgage Re-advance, customers must provide an income statement such as a payslip, a utility bill as proof of residence and a bank statement if their salary is not deposited with SBS.

“These documents enable our consultants to produce a pre-approval report that determines the amount available for a mortgage re-advance,” says Dlamini.

Dlamini encourages customers to take advantage of the Mortgage Re-advance Facility, noting that “many of our newer customers may not be aware they are eligible for this product, which has been available for many years and offers significant benefits for property owners.”

Additionally, the re-advance facility can be used for various needs beyond home improvements such as paying school fees, purchasing a vehicle or covering health emergencies.