Kindly let me know if I can borrow funds against a Liberty Life retirement annuity to renovate a property that is unbonded. I would like to add a room to my property for business purposes. How do I go about obtaining a loan? I am looking for a loan of R500 000.
As mentioned, the earliest age that you will be able to access your funds will be age 55, with the exceptions being in the case of ill-health and financial emigration. It is therefore not possible for you to borrow funds from your retirement annuity to pay for your home renovations. The interest charged on home loans is generally much more favourable than the interest charged on personal loans, and we therefore recommend that you consider the option of taking out a home loan to fund your renovations.
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