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Standard Bank Solar Finance on Home Loan. Standard Bank offers 3 ways for qualifying customers to finance a solar investment off their existing home loans. These can be used on their own or in combination, provided there is sufficient equity in the property:
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Access Bond Facility: If you haven’t considered an access bond before, then this is the time. By linking your Standard Bank home loan with your transactional or savings account you can pay extra money into your bond and use it either to reduce your home loan instalments or keep it available so you can withdraw it at a later stage. If you have enough funds available in your access bond, getting solar is as easy as transferring to your chosen solar provider once installation is complete.
Re-advance Loan: If you don’t have funds readily available, another option is to ask for a re-advance loan where you apply for the funds that you have already paid into your bond. To calculate how much you could potentially access, simply subtract your outstanding balance from the registered amount.
Further Loan: In the last scenario, you can apply to have your current home loan amount increased, provided there is sufficient equity on the property. Registration costs will be applicable with this option and, depending on your credit profile, you may see changes to your interest rates.
Standard Bank One stop solar shop
When it comes to finding the right solar solution for your home, Anderson suggests that, while it is not a requirement, homeowners turn to LookSee and its end-to-end solar service.
“LookSee provides homeowners with the insight, services and access to specialised expertise needed to ensure they get the best solar system for their money. What’s more, the LookSee Solar Concierge Team can help you with the home loan financing application,” she explains.
LookSee’s solar service includes a free to-use automated Solar Score and Home Power Analysis. These systems help homeowners understand their roof’s generation potential and their household requirements respectively. The Solar Concierge Team then takes over, guiding homeowners through their renewable energy journey. This includes connecting customers with a number of solar installers that have been extensively vetted by Standard Bank, organising site visits, accessing financing options and after-sales services.
“At Standard Bank we know solar power is the most sustainable option for South Africa’s energy future. We are tailoring our offerings to help our customers realise their solar dreams, keep their lights on and, just as importantly, protect the environment,” says Anderson.
Interested in a solar system for your home?
Head to LookSee for a full solar journey with valuable insights, concierge assistance, access to vetted service providers and financing options too.
For information on financing your solar installation off your home loan, visit your nearest Standard Bank branch, speak to your relationship manager or call the Standard Bank Home Loans call centre on 0860 123 001.