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Line of Credit home loans

A REVOLVING line of credit is secured against a property. It becomes a fully functional account so if cash is needed the borrower draws against that limit by either a debit card or cheque.

The borrower can withdraw funds at any time up to the limit however; they are required to at least cover the interest and fees on the loan when making payments.

Advantages

  1. Savings are accessed by cheque or ATM card linked to the loan.
  2. Salaries and savings are deposited into this loan to reduce the interest charged.
  3. Extra repayments are allowed.

Disadvantages

  1. If undisciplined with savings this loan can get out of control.
  2. The interest rate is usually higher than Variable Rate and Basic Loans.


To check out the latest Line of Credit home loan rates click here.


Let a ratesonline broker contact you about a Line of Credit Home Loan.




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