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When you need to finance your renovations you need to keep the following options in mind:

1. Readvance

Once you have repaid a certain portion of your bond, you may be able to borrow all or a portion of the amount again. Your bank will not register a new bond but they will most likely reassess the property.

2. Further advance

A further advance is also called a 2nd bond because of the fact that a second bond is register in order to get additional funds.

Remember that you need to check with your financial adviser or bank consultant to determine which option is the best for you. See our page on required documents for more information.

Required documents

At some point during this process you will be asked for some or all of the following documents. It is therefore a good idea to have them ready:

- Identity Document,
- your marriage certificate (if applicable),
- copy of your ante-nuptial contract (if applicable),
- proof of income,
- statement of assets and liabilities,
- statement of income and expenditure,

To satisfy the needs of the Financial Intelligence Centre Act (FICA), you may also be asked to produce the following:

- verification of your Income Tax number and
- a statement, account or document to verify your address.

In terms of the renovation process the following will be required:

- detailed quote,
- approved plans,
- schedule showing the start and finishing dates,
- registration certificate with the National Home Builders Registration Council,
- approval of the plans by the relevant municipality,
- electrical certificate and
- letter of satisfaction.

There are more forms required and the requirements might differ from bank to bank.

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