Tag Archives: Home loans

How to get the most out of your home loan

SMART BORROWING: It makes the most financial sense to use your existing home loan to access the money you need for things such as renovations or a new car, as unsecured personal loans can have much higher interest rates.

SMART BORROWING: It makes the most financial sense to use your existing home loan to access the money you need for things such as renovations or a new car, as unsecured personal loans can have much higher interest rates.

From Stuff.co.nz:

Home renovations can be a daunting proposition, but accessing money for improvements around your property is usually a far less stressful task.

Vince Clark, head of home lending and deposits at ASB, says there are a variety of different ways homeowners can obtain funds for their renovation plans, with personal loans and home loan top­-ups just some of the options available.

Because higher interest rates usually apply to unsecured forms of borrowing such as personal loans, Clark says it makes the most financial sense to use your existing home loan to access the money you need.

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