WOZ credit

With the WOZ credit you can borrow money by using the equity in your home.

The WOZ credit can cash in on the equity of your home. Real Estate Valuation Act (WOZ) can mean that your house is worth more than what you bought it for and took out a mortgage for.

So it looks like a second mortgage, but it comes down to a revolving credit with a certificate of mortgage. Due to the latter fact, you pay cheap interest when you borrow money in this way. It is even more interesting if you use the WOZ credit to improve your existing home, as the interest on the WOZ credit is tax-deductible. You can finance a kitchen, the garden or a new bathroom. Check this with your bank or the tax authorities.

The amounts to be borrowed vary from 10,000 US dollars - 15,000 US dollars to a maximum loan of 75,000 US dollars. You can claim the WOZ credit whenever you want, criteria are comparable to those of a revolving credit. Testing at the BKR is applicable, but people will often be more flexible as you have your own house which serves as collateral.

Advantages and disadvantages of WOZ credit

Pros
  • Interest is tax deductible when investing in home / garden / kitchen improvements or financing.
  • Often very favorable interest rates because you have collateral (house).
  • Credit can be withdrawn whenever you want.
Negatives
  • Falling house prices can cause problems if the WOZ value of your home is no longer correct.

Compare WOZ credit

Compare WOZ credit with

en