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Interest rates are subject to change.
Revolving home loans work like a big overdraft. Your loan becomes your everyday account, so money flows in and out of your loan balance as you get paid and as you spend and pay bills.
Unlike more traditional home loans, there are no set repayments on set dates. You can make repayments whenever you like, for as much as you like.
You can withdraw money again later if you need it (up to your credit limit) – so before getting this type of home loan, ask yourself if you can resist the temptation of dipping into the available credit.
The idea is to save on interest by keeping your revolving credit balance as low as possible. Interest is calculated daily, so try to keep as much money in the account as you can to keep the interest charges as low as possible.
One way of doing this is to use your credit card for your day-to-day spending. This way, instead of money coming out of your revolving credit account daily, it sits in your account longer, coming out in one go when you pay your credit card.
If you’re going to do this, then set up a direct debit from your revolving credit account to pay off your credit card each month. If you pay your credit card bill in full before the due date each month, you won’t pay any interest on purchases.
Watch the video below to understand the basics of a revolving credit home loan.
Standard terms and conditions
The calculators should be treated as a guide only. They don't take into account all of your individual circumstances and are not financial advice.
Displayed interest rates subject to change. Kiwibank’s lending criteria, terms and conditions and fees apply.