Home Equity Credit Line (HELOC)

If there are multiple people taking out a home equity credit line together, both the main borrower and the co-borrowers will be able to see the loan details and transfer from the home equity credit line to their individual online or mobile bank.

In the online bank, you can easily order an interest-only period, change the life / term (of the credit), change the account debited or the date of your home equity credit line.

1. Log in to the online bank
2. Go to “my loans and credit cards”
3. Click on the shortcuts for the home equity credit line and select “change loan”

Then choose the change you wish to make. Please note that it can take some time before the change is visible in the online bank.

Transferring from the home equity credit line to your account is free of charge.

In the mobile bank, select the “Me” option, and then “Loans & credit”. Click on your home equity credit line and select “Transfer”.

In the online bank, select “Everyday banking and loans” at the top of the page. Under “My loans and credit cards” you’ll find the home equity credit line.

From the shortcut to the right of your loan, select “Transfer to account”.

You can make up to 10 transfers per day and there is no minimum withdrawal.

For security reasons, a general maximum limit of NOK 300 000 has been set for transfers in the online bank. This applies to all transfers, both from and account and from a home equity credit line, and applies to one calendar month. You can increase the limit to NOK 5 000 000 under Recommendations - Change limit in the main menu.

If you want a higher limit, you can send us a message via the online bank messaging service, or contact us by chat. You can also call us at +47 915 04800.

The repayment period is maintained at withdrawal and the instalment amount will then increase. You will see the repayment plan in the online bank.

Under “My loans and credit cards” you’ll find the Home equity credit line. From the shortcut, select “Loan details” and then “Show payment plan”.

If you would like to extend the repayment plan to reduce the instalment amount after transferring from the home equity credit line, you can do this under “My loans and credit cards”. From the shortcut on the home equity credit line, select “Change loan” and then “Change repayment period”.

For security reasons, there is a general maximum limit of NOK 300 000 for transfers in the online bank. This applies to all transfers, both from and account and from a home equity credit line, and applies to one calendar month.

You can increase the limit to NOK 5 000 000 under Recommendations - Change limit in the main menu. If you want a higher limit, you can send us a message via the online bank messaging service, or contact us by chat. You can also call us at +47 915 04800.

You can do this quickly and easily in the online bank:

1. Log in to the online bank
2. Go to “Everyday banking and loans”
3. Click on “My loans and credit cards”

From the shortcut on the right of your loan, select “Extra instalment”. Pay it like a normal bill, entering the loan number as the account number.

NB! If you pay 4 days or closer before the due date, the amount you pay will also be used to cover the normal instalment.

The life / term (of the credit) is maintained in the event of extra incoming payments and the instalment amount will be reduced. You will see the repayment plan in the online bank:

1. Log in to the online bank
2. Go to “Everyday banking and loans”
3. Click on “My loans and credit cards”

From the shortcut on the right of your loan, select “Loan details”. Then click on “Show payment plan”.

NB! If you pay 4 days or closer before the due date, the amount you pay will also be used to cover the normal instalment.

No, only variable interest rates are available for home equity credit lines (rammelån). If you want to fix the interest rate on the loan, we will have to change it to a normal repayment loan first.

A home equity credit line (rammelån) is considered a credit, which you can repay as you wish, but where interest on the credit used must be paid monthly by being debited from another account.

The life / term (of the credit) is maintained in the event of extra incoming payments and the instalment amount will be reduced. Nonetheless, the loan must be paid back at some point, and like all other loans you take out, it is important to be clear how taking out a loan and using a home equity credit line affects your finances.

When a loan is granted, you will receive details of the nominal rate and the APR. The APR (annual percentage rate) includes all the costs of the credits, and is calculated in the same way by all lenders. The home equity credit line (rammelån) often runs over many years, and over this period, the bank has the right to change your rate of interest. Lines of credit have variable interest rates and the bank will be able to change the interest rate at six weeks’ notice to you if the interest rate goes up.

In most cases, you will be able to change your mind about the home equity credit line within 14 days. But if you have used the offer you received in this period, you will have to pay interest for the time you used the home equity credit line. Costs such as the registration fee to the state, for example, will not be refunded.

Get in contact with the bank as soon as possible if you’re not able to pay the instalments on the line of credit. Together we’ll find a solution that will help you in your situation.

If you default on the loan, the bank will calculate the interest on overdue payments of the term after the due date. Interest on overdue payments is set by public regulations, and in practice is much higher than the agreed interest rate you have on the Home equity credit line.

If the default is significant, for example if multiple instalments are not paid, the bank has the right to terminate the Home equity credit line. Interest on overdue payments will then be calculated on drawn amounts on the Home equity credit line. In addition to interest on overdue payments, fees will also apply, in accordance with the rules of the Debt Collection Act.

In the event of a breach of the Home equity credit line, you risk the bank demanding the sale of any collateral that you or others have placed as security. As the borrower/co-borrower, you will be responsible for the loan until the entire Home equity credit line (rammelånet) is cleared.

In special cases, the bank has the right to demand that the credit be paid back in full after 14 days’ notice. For example, this applies if you significantly default on the credit agreement, you go bankrupt or if you were to die. The bank will then issue the borrower, potentially the heirs, a deadline to rectify the situation.

Yes, even if you have an interest-only period on your home equity credit line, you can set up fixed monthly instalments. You can decide the amount and the date on which you want to pay, based on your needs and preferences.

1. Log in to the online bank
2. Go to “Pay and transfer”
3. Click on “Standing order” and “Pay others”

In “to”, enter your loan number before you continue. If you have paid in to the home equity credit line before, the loan number will be shown in the summary of the payment beneficiary. Then choose the amount, when the transfer should take place and the duration. The amount can be changed at any time.

NB! If you pay 4 days or closer before the due date, the amount you pay will also be used to cover the normal instalment.