All Topics / Help Needed! / Fixed loan – is there a way you can use your equity?

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  • Profile photo of JamesSampsonJamesSampson
    Member
    @jamessampson
    Join Date: 2010
    Post Count: 54
    August 13, 2010 - 2:05 am

    Hi I fixed my loan over a year ago at 5.7% for 3 years. it is a great rate and i dont want to break it. We are looking to renovate our own home and borrow around 80k.

    Can we somehow use our equity without breaking the fixed loan term. I have heard you can borrow the money but at a variable rate as a seperate loan.

    any help appreciated.

    Profile photo of BankerBanker
    Participant
    @banker
    Join Date: 2010
    Post Count: 371
    August 13, 2010 - 2:24 pm

    Most banks allow you to have as many loans as you like. Simply get a second loan as a variable rate and leave your current loan in place.

    Banker

    Profile photo of JamesSampsonJamesSampson
    Member
    @jamessampson
    Join Date: 2010
    Post Count: 54
    August 14, 2010 - 12:34 am

    thanks, they tried to push me into a perosnal loan…

    but eventually they allowed me to borrow at the RBA's rate

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