Make it happen

Getting away for the weekend is part and parcel of the Kiwi way of life. So, too, is the great outdoors, and if you can mix the two, all the better.

Westpac understands that with our busy lifestyles, it has never been more important to achieve a healthy balance between work and play. For many people, buying or building a holiday home is the ideal solution, while for others, creating an attractive outdoor living area at home may be just what's required.

The first stop when you're looking to build or buy a holiday home, or wanting to renovate, is to visit your local Westpac branch. Many Westpac staff have built homes themselves or are homeowners they can offer advice and draw on insights from their own personal experiences.

If you are planning to build a new holiday home or remodel an old bach, this is also a good time to talk with an architect, so you can start planning and working out an appropriate budget. While some holiday homes may seem more luxurious than a city house, it is often the smaller, more simple holiday homes that build the most enduring family memories.

Loans for building are generally an interest-only loan drawn down in stages as work progresses. This means you only start paying back the principal part of the loan when the building is complete.

Westpac will advise on different types of home-building loans, so your loan can be structured in a way that works best for you. The bank can also help with other aspects of your project such as dealing with valuers, solicitors and accountants.

Westpac offers a number of options for funding renovation projects. If you have an existing home loan, you could apply for a top-up to extend the credit limit. If approved, you can top up an existing floating loan account or create a new account for the top-up. If preferred, you can have the top-up in a new account that is paid off faster than the rest of your home loan. For example, you may want to pay off your renovation in five years, but your total loan may have 15 years to run. Westpac can arrange this.

Westpac's Choices Everyday loan is another good option when you are undertaking a renovation project, because it works as a line of credit that you draw down as required. This means you don't pay interest on the money until you use it.

The Choices Everyday option links well with a Westpac hotpoints® credit card. You can pay for products and labour using your card and get hotpoints® for every dollar you spend, which you can then redeem for a range of rewards. This option also gives you up to 55 days interest free. At the end of this period, you can transfer money from your Westpac Choices Everyday account straight into the credit card account.

Westpac can also help you review your home insurance and increase your cover if necessary.

For further details visit your local Westpac branch or phone 0800 177 277. Website: www.westpac.co.nz.

Story by: Trendsideas