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Some banks and lenders have specialised home improvement loans, but others allow you to use your existing home loan to finance projects such as home renovations. One such home loan product is national banks FlexiPlus Mortgage Facility.

Borrowers eligible for the NAB FlexiPlus Mortgage Facility are entitled to a line of credit home loan, which means they can access their funds for renovations at any time.

So, how does the nab FlexiPlus Mortgage Facility work? Firstly, you have all of your income paid into an NAB transaction account. The FlexiPlus Mortgage Facility is an approved loan limit attached to this account, so you can borrow up to the approved credit limit at any time. While you have to make regular interest repayments, putting money towards the principal of your loan can happen at any time.

Approved borrowers are able to borrow up to 90% of their propertys value with the NAB FlexiPlus Mortgage Facility. This means you could use your NAB home loan to finance your home renovations, whether it involves updating your bathroom or adding an entire room to your home.

The danger of using a product such as NAB FlexiPlus Mortgage Facility is that it is easy to create a huge debt, especially as regular repayments towards the principal are not required. The key to avoiding a debt spiral is by being disciplined with the way you use your line of credit loan. You should only use the equity in your home towards projects that will increase your wealth over time. For example, adding a room to your home is generally likely to increase its value, whereas updating your bathroom with tiles and fittings in your favourite hot pink colour may not suit the taste of potential buyers of your home and thus make it harder to sell in the future.

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One simple way to pay your home loan off sooner is by using an offset account, such as the option offered by national bank (NAB).

Using an offset mortgage account, such as the options offered by NAB, can slash years from the term of your home loan and can save you thousands of dollars in interest.

So how does it work? Essentially, your NAB offset account links your everyday transaction account, which may be a cheque or savings facility, to your home loan account. This means that every dollar in your transaction accountwhich may include your regular salary, savings or bonusesworks towards decreasing the amount of interest you pay.

The amount of money in your NAB offset account is deducted from your home loan balance before the interest is calculated. Say you have a home loan balance of $200,000 and your income and savings mean that you have $10,000 in your transaction account. This amount is deducted from your NAB home loan balance, and then interest will be calculated on the remaining $190,000. This process would continue for every day in the month, as interest is calculated daily but charged on a monthly basis.

The account maintenance fee for a NAB offset facility is $10 per month. If you currently have an nab home loan but do not have access to an offset facility, you can pay a switch fee of $300 to establish an offset account.

When offset accounts were first introduced, they generally offset part of the interest, but now 100% offset options are common, including the offset option offered by westpac.

Using an offset account is a simple and yet extremely effective way of paying off your home loan as soon as possible. Find out more about how an offset mortgage account could benefit your financial situation by speaking with your financial broker.

If this sounds familiar, youre not alone. As a nation, we owe millions of dollars on our collective credit cards. The good news is there a few simple strategies you can use to manage your NAB credit card debt.

Consolidate Your Debts
If you have a home loan, car loan and credit card debt, you should look into debt consolidation. This means that you combine your debts and pay one simple repayment every month, which means you could save thousands of dollars on interest. Your NAB credit card is likely to have a much higher interest rate than your home loan, so take advantage of this lower rate and find out how you can consolidate your debts.

Dont Up Your Credit Limit
Banks such as NAB are always encouraging us to apply for higher card limits, for the simple fact that the higher our limits, the more we are likely to spend and the more interest and fees they will receive.

Know your credit card limit and dont spend over, or even close to it. nab and other banks charge hefty fees for spending over your limit. If you spend close to your limit, an automatic payment or scheduled transfer may tip it over the limit without you realising until it is too late.

Pay More Than The Minimum
Your credit card bill will give you a minimum payment amount, which is NABs way of keeping you in debt so you will continue to pay fees and interest. Always pay more than the minimum payment amount so you can reduce the principal of your NAB credit card debt and clear it faster.

A few simple changes to your banking habits can make a huge difference to clearing your credit card debt. This allows you to start using your money to build your wealth, rather than struggling to pay off your debts, making the banks richer in the process.