Line of Credit Home Loans

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Flexible variable rate loans...

A line of credit loan allows you to borrow against the equity in your home. You can use it to renovate, invest in shares, a deposit for another property, purchase a car or go on a holiday. In fact you can use it for any worth while purpose.

A common product used to access the equity in your home is a line of credit loan. This allows you access the equity in your home either in one lump sum or it can be taken out in stages which is excellent for those who are renovating or wish to buy shares. However, home loans with offset facility and or free redraw facility can be just as effective.

Ways to access the equity from your home:

  • Apply for a line of credit loan where you apply for a limit and you can draw funds to that limit.

  • Apply for an increase on your loan with your current lender.

  • Apply for a second mortgage over your current property to access the required funds.

  • Refinance your current loan with your existing or another lender and access the equity by increasing the borrowed amount.

Why Choose a Variable Rate

This largely depends on your overall financial position. If your income is strong and you can easily afford to make additional repayments over your regular repayments then a variable rate loan may be best option. This can help reduce the term of your mortgage and increase the amount of equity in your home providing your home value remains constant or increases.

Another reason to consider a variable rate if interest rates in the medium to long term are going to remain constant or are likely to fall then a variable rate may be the best option.

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