You can take advantage of your own home with a WOZ credit. A WOZ credit is a loan for owners of an owner-occupied home and actually differs in just two points from a regular loan: the interest is lower than with a regular loan and you need to be the owner of an owner-occupied home to be eligible. These two points are therefore directly related to each other: Because you have your own home, the lender often estimates the risk of providing a loan lower, so that a favorable interest rate can be offered. Unlike with a (second) mortgage, with a WOZ loan you do not pay for the valuation of your home or for an expensive notary. Because we do not charge you any closing costs, you only pay the lowest possible interest!
The loan forms of a WOZ loan
A WOZ loan, in the same way as regular consumer loans, is offered in two forms: you can choose a revolving credit, the WOZ credit, or a personal loan, the WOZ Personal loan. Below we have worked out both types of loans for you so that you can calmly see which form is most suitable for you as a homeowner. Of course you can always look on the page of our regular revolving credit or regular personal loan for even more information.
The WOZ credit?
The WOZ (revolving) credit is ideal for customers who need a loan where they can pay off extra free of charge or when you would like to have an amount in hand. In addition, you have the option to withdraw money up to the credit limit if you need it. Whether it concerns the purchase of a car, the transfer of existing loans or another spending, with the WOZ revolving credit you benefit from the lowest interest rate.
The benefits of a WOZ credit at a glance:
- Very low interest rate (lower than with a “regular” revolving credit)
- No notary fees
- No appraisal costs
- No additional costs such as closing costs
- You only pay interest on the amount withdrawn
- Always repay without penalty & re-record repaid amounts
How does a WOZ Credit work?
The WOZ credit is a revolving credit with a monthly installment of 1%, 1.5% or 2% of the loan limit. Suppose you borrow 10,000 USD and opt for a monthly installment of 2%, then that monthly installment is 200 USD. The monthly amount consists of interest and repayment. The amount of the monthly amount is fixed, but the ratio between interest and repayment may change. You only pay interest on the outstanding debt. Every month your debt drops due to the repayment that you pay. As a result, you pay less interest each month, leaving more ‘room’ for repayment within your monthly period.
Interest is variable
In addition, the interest rate of a WOZ credit is variable, which means that the interest rate can change during the term. The interest can fall and rise. If the interest rate falls then you pay more and if the interest rate rises you pay less. A condition for taking out a WOZ credit is that you have an owner-occupied home, the advantage of a WOZ credit is that you pay a lower interest rate than with a regular revolving credit.
The WOZ Personal loan?
The WOZ Personal Loan is ideal for people who need security. The certainty of a fixed loan amount, a fixed term, a fixed monthly period and a fixed low interest rate. Do you want to paint your home, put a new floor in your home, install an extension or do you want to rebuild your home in a different way? A solution for this can be the WOZ loan / WOZ credit. The interest on this loan is already low and will be even lower because the interest is tax deductible.
With the WOZ Personal Loan you choose a term of a minimum of 6 months and a maximum of 120 months (10 years). The benefits of a WOZ Personal loan at a glance:
- Very low interest (lower than with a “normal” personal loan)
- No notary fees & no appraisal fees
- No additional costs when taking out the loan through Good Finance
- Pay off without penalty
- Interest tax deductible for spending on home improvement or residual debt
- Fixed interest, duration and monthly period
- So you know where you stand!
How does a WOZ Personal Loan work?
The loan is equal to a “regular” Personal loan but with a lower interest rate. The monthly installment consists of a fixed interest rate and a fixed repayment for the entire duration, this provides certainty. With the WOZ Personal loan, the higher the loan amount, the lower the interest rate offered. Look for the examples in the table below. A WOZ Personal loan can be requested from Good Finance Financing from € 10,000. The table below shows a calculation of various WOZ Personal loans. This table is based on the lowest interest rate for which we can mediate. The actual interest rate depends, among other things, on your personal situation.
Curious about your options? Request a quote from Good Finance Financing for free and without obligation and see for yourself what options we can offer you.