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Line of Credit or Equity Home Loan
A Line of Credit, also known as an Equity Loan or Revolving line of credit, allows you to pay interest, only on the money you actually utilise. These products allow you to utilise the equity in your property into a ready source of funds up to an agreed limit.
You can use these funds for any worthwhile purpose and like a credit card; any principal repaid is available to redraw. Access to funds is usually by writing a cheque, phone or internet banking, visiting a branch or using a debit card at an ATM or eftpos terminal.
There are no set principal requirements so as long as you meet interest, fees and charges on a monthly basis; then you can repay as much or as little as you like. This type of home loan is especially attractive to investors who need ready access to funds.
Common uses borrowers may choose a Line of Credit or Equity Home Loan is –
- Renovating or Constructing
- Share Trading or Similar Investments
- Cheap Business Overdraft
- Investment Property Purchase
- Everyday spending or just to keep funds on tap for when you need them
WE HAVE CERTAIN LENDERS ON OUR LENDING PANEL THAT OFFER UNBEATABLE RATES FOR LINE OF CREDIT & EQUITY HOME LOANS – DON’T PAY TOO MUCH FOR THIS TYPE OF FACILITY – SPEAK TO ONE OF OUR MORTGAGE PROFESSIONALS TODAY!
To discuss your options please contact us on +61 2 9981 5385 or submit an Online Enquiry
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