Everyday banking and home loan in one
With a revolving credit mortgage, your loan becomes an everyday account - with your money flowing in and out of it.
No fixed interest charge
Interest is charged based on what you've used of the limit each day. By having your income paid into this account you can lower your balance – saving you interest.
Repayments, on your terms
There’s no fixed repayment schedule, as long as the minimum monthly payment is met you can pay as much or as little as you’d like. You can also redraw funds, up to your credit limit, at any time.
Benefits:
- You can make additional mortgage payments at any time without paying fees – great if you’re expecting to receive some extra money, like a bonus or an inheritance.
- Any surplus money you have in there can minimise the amount of interest you pay. When your salary is paid into your revolving credit, for example, it immediately reduces your mortgage balance – and the amount you’re paying interest on, which means you could pay off your mortgage faster.
- You can access extra money if you need – redraw up to the credit limit at any time.
Things to know:
- You could consider splitting your home loan across multiple loans or a combination of loan types. For example having a combination of revolving credit mortgage and fixed rate home loans orfloating rate
Our home lending specialists are here to assist you in determining the structure and terms that will work best for you.
Find out more about tailoring the structure of your home loan
- With the flexibility of this type of mortgage, the amount you owe can fluctuate, so it’s a good idea to keep a close eye on the balance.
- If the floating interest rate rises, your interest costs will go up too.
Other important information
- If you’ve got a deposit of less than 20%, talk to us. You may be eligible for low equity lending .
- We work closely with mortgage brokers throughout the country. If you are already working with a broker, you can ask them to include The Co‑operative Bank as a potential lender.
- We offer Loan Protection Insurance which is designed to provide peace of mind if the unexpected happens.
Ready to apply?
You can complete your application online. It'll take about 10-20 minutes to apply. If you need to, you can save as you go and come back later.
Apply onlineThe minimum monthly payment for this facility consists of any interest and applicable fees and charges outstanding at each monthly anniversary after the date of availability, during the term of the facility.
For all home loans, The Co‑operative Bank's lending and insurance criteria, fees, interest rates, terms and conditions apply and are subject to change. If a home loan is greater than 80% of the property's value, a low equity interest rate premium will apply and the revolving credit mortgage will not be available.
Owner occupied lending is: *Where there is a minimum 20% equity in the property, and the individual seeking the loan intends to occupy the property; or *Kāinga Ora First Home Loan. For fixed rate home loans - If you repay your home loan before the fixed term is finished, you may be charged early repayment fees – see The Co‑operative Bank Early Repayment Formula. See Interest rates and Fees for full details.