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  • Characteristics
  • Cost
  • Requirements
  • How does it work

What is a WOZ revolving credit?

The WOZ Continuous Credit is an attractive form of loan for homeowners and is the same as the revolving credit but with a lower (variable) interest rate. The characteristics correspond to those of a Revolving Credit.

You can make unlimited withdrawals up to the limit and if you want to make additional repayments on your WOZ Continuous Credit, you can do so entirely without penalty. The WOZ Continuous Credit gives you optimal flexibility. The agreed credit limit is the maximum amount that you can withdraw.

When you withdraw money, you immediately start paying back. You can simply withdraw the money you paid back later. This way you always have extra money on hand. You only pay interest on the amount withdrawn and you can make (extra) interim repayments without penalty.

When must the revolving credit be repaid?

You must have repaid the loan before you are 70 years old.

How much can you borrow?

You can borrow a minimum of $ 10,000 and a maximum of $ 70,000. The amount for a WOZ revolving credit depends on your income, your expenses and your personal situation.

How long do you pay back?

The credit agreement is entered into for an indefinite period. When you are 60 years old, the credit limit will be reduced monthly by a fixed amount (1.5% of the credit limit). Upon reaching the age of 70, the balance of the credit agreement must be at zero and the credit agreement will be terminated.

After death

If you (or your partner) unexpectedly die, the loan will not be forgiven.

Interest

The variable interest can be changed at any time by the lender. When determining the interest, costs, developments in the money and capital markets and the competitive position of the loans are taken into account. The lender will always notify you of a change in the interest rate before the change takes effect. The interest rate is variable. This means that the interest can change. See also the overview of the interest rates

If the interest rate rises, it will take longer to repay your loan. Your monthly amount remains the same. Your loan will become more expensive because you pay more interest. If the interest rate falls, it will take less time to repay your loan. Your monthly amount remains the same. Your loan will be cheaper because you pay less interest.

How do you pay back?

A current account with a Dutch banking institution is required for payment of your loan and for the collection of the monthly installments due. You pay a fixed amount every month by direct debit. This amount consists partly of interest and partly of repayment (redemption). You only pay interest on the amount that you have withdrawn.

Are there costs if you pay back more?

You can always repay more than your monthly amount. No costs will be charged for partial or full early repayment of the revolving credit.

Do you have to pay closing, appraisal or notary fees?

No, you do not owe such costs.

European standard information on consumer credit

European Standard Information on Consumer Credit is available for this product. If you request a quote, you will receive this information aimed at you personally . See an example here

Terms and Conditions

Check here the terms property tax credit.

Credit Registration Office

Lenders are affiliated with the Credit Registration Office in Tiel, in short 'BKR'. When you make a loan application, the lender will consult the Credit Bureau. If the application is not accepted on the basis of this information, you will be notified. After the credit agreement has been concluded, the loan is registered with the Credit Registration Office. If you are more than 90 days behind with payment, the lender will report this to the Credit Bureau.

Do you need to establish a mortgage on your home?

Your owner-occupied home is not required as collateral, so you do not have to go to the notary and you do not need to have your home appraised. The WOZ Continuous Credit is a credit with a mortgage statement. With this statement you agree to the condition that you do not burden your home with another mortgage without the bank's permission. Unless, of course, you pay off the WOZ credit with a new mortgage. In addition, at the bank's first request, you declare that you will cooperate in issuing mortgage security on your home for this loan. In general, this will only happen when you have fallen significantly behind in payments.

What does a WOZ revolving credit agreement look like?

Are you curious about what an agreement looks like? See an example here.

Is the interest deductible?

The “Act on the revision of the tax treatment of the owner-occupied home” came into effect on 1 January. This law may affect a loan purchased for the improvement or renovation of the owner-occupied home, which now benefits from a tax deduction on the interest paid.

Outline of the law with regard to the deductibility of the Revolving Credit:

  • For amounts drawn before January 1, 2013, the interest deduction remains unchanged.
  • Amounts withdrawn after January 1, 2013 are subject to the new law and are no longer tax deductible.
  • If an existing credit (from before 1-1-2013) is transferred to another credit, the old tax rules remain in effect. Regardless of the new type of credit.

If interest deduction is not used, nothing will change with the introduction of this law.

Terms of acceptance

Kapssloan works with a number of banks to provide loans. Each bank applies its own acceptance standards and conditions. To apply for a loan, you must at least meet the following conditions.

  • You are at least 21 years old
  • You own an owner-occupied home
  • You are employed (permanent or temporary employment)
  • You have income from a WAO / WIA benefit
  • You have income from (Pre) Pension or ANW benefit
  • Income at least $ 1,250 net per month
  • No Credit Bureau coding

Money Loan for a VOF, Sole Proprietorship, BV

  • You are 25 or older
  • At least 3 years independently
  • Positive equity
  • Company makes a profit
  • You own an owner-occupied home
  • No Credit Bureau coding

Calculation of WOZ Continuous Credit margin

You take the WOZ value of your owner-occupied home (this is the value of the home as assessed by the municipality). This is stated on your property tax assessment notice. You multiply this by 150%. You reduce this result by the total mortgage amount registered on your home (including 2nd and multiple mortgages). The amount that remains is the WOZ credit limit. A WOZ credit is therefore possible up to this amount.

An example:

  1. WOZ value of your home is $ 100,000.
  2. $ 100,000 x 150% = $ 150,000.
  3. The total mortgage amount registered on your home is $ 100,000.
  4. The WOZ credit limit is then $ 150,000 - / - $ 100,000 = $ 50,000.

Depending on your income, a WOZ credit is possible up to $ 50,000.

You apply for your loan online.

You complete the application form online to apply for your loan. You can also indicate whether you wish to transfer existing loans.

Confirmation of your loan application.

You will be called within 24 hours to confirm your loan application and any additional necessary information will be discussed with you.

You will receive a no-obligation quote.

After receipt of your loan application, your application will be submitted to the banks without obligation. You will then be contacted to discuss your wishes and options and you will receive appropriate and free advice from us, after which we will send you the loan offer by e-mail or by post.

Return the signed quotation.

If you wish to finalize the application for your loan, return the signed quotation, together with the requested documents.

The lender will assess your application.

On the basis of your application and the submitted documents, the lender will reassess your loan application on the basis of the documents you have submitted.

The money will be transferred to you.

As soon as the application for your loan has been definitively approved, the money will be transferred to your account and any loans that you wish to transfer will be paid off.

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