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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.
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
thanks, they tried to push me into a perosnal loan…
but eventually they allowed me to borrow at the RBA's rate
Viewing 3 posts - 1 through 3 (of 3 total)
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