Rabo credit account?

S

Sunster

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Just wondering if anyone has taken out a Rabo direct credit account?
How did you find it? Was it better than taking out a bank loan?

I'm thinking of getting a loan for 20k + for home improvements. I have a Rabo account and also bank of ireland. When the time comes, I'm not too sure which one might be better.
 
Have you shopped around for the best rate on a €20K loan over whatever term you need?
 

Have you considered getting a top-up loan from your Mortgage Provider for the home improvements. (if you have a mortgage)?

The rate would be much better, plus you could qualify for additional Tax relief.
 
irishpancake said:
Have you considered getting a top-up loan from your Mortgage Provider for the home improvements. (if you have a mortgage)?

The rate would be much better, plus you could qualify for additional Tax relief.
Click to expand...

Have a mortgage but the house value has probably gone down since I bought it...
 
What is the outstanding loan amount and term and the estimated current market value of the property?
 
Loan wanted would be in region of 25k, term 3-4 years.
Current value of house would be in region of 400 to 420k, with 400k still to pay on mortgage
 
Assuming you can afford the loan why not check with your lender first if they might advance a topup (ideally repaid over the 3-4 year term mentioned rather than over the full lifetime of the mortgage)? If they say no then you can investigate other options. If they say yes then it'll probably be the most cost effective option (assuming you clear the topup in 3-4 years).
 
I have a Rabo Credit account and am very happy with it. Am approved for 21k+ so I get charged 8.15% variable interest, regardless of what the balance is. I'm sure I could get a better fixed rate loan, but the flexibility of the Rabo Credit account is what attracted me to it. I have made several over-payments and also drawn more money down in the past, and it was all simple and straight forward. Only downside I could find was that if you want to make lump sum payments you have to go directly to Friends First. I would prefer if I could transfer money into my rabo savings account and from there into my credit account. Not a big deal though.

BTW, I am not affiliated to or paid by Rabo.
 
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