Phone us now articles sitemap  
Melbourne Mortgage Broker
Latest news - First Home Buyers scheme has been extended.
Interest rates continue to fall. Take advantage of new home loans in Victoria.
Check your mortgage to make sure you are not paying too much in repayments.

Line of Credit Home Loan

With a line of credit (LOC) home loan, borrowers can access their funds at any time and use for other purposes.  You access these additional funds by drawing on the equity in your home.  


One great way to build up extra funds is to make repayments over the minimum required.  If you have a home loan which is versatile then this can be a very useful strategy.  Any home owner who has equity in their home can look at LOC home loans, and by setting an agreed limit on how much you can borrow you are always aware of how much you have to spend.  You can direct all your income such as wages and salaries, into your LOC account and then you can draw on those funds as needed.  LOC home loans can give borrowers the peace of mind they need when looking to fund other projects such as home renovations or investments.

Interest Rates keep falling.

Don't trust your home loan to a bank that isn't passing on falls in interest rates. Complete the form below to speak to your local mortgage broker about how much you might save.
First Name:
Last Name:
Suburb:
Postcode:
Phone:
Email:
Please have someone contact me ASAP.
or call 1300 787 665
Unsure?
Please read our pledge to protect your privacy.


At the start of your line of credit home loan, you are only required to make the interest payments, if and when you draw money from your account. After the initial years, the full balance of your line of credit loan is paid off over the remaining years. Some companies might require a minimum initial draw from your home equity line of credit.

Advantages
Greater flexibility and control over your finances are the main draw cards for this type of loan.  You have access to the funds should you wish to carry out renovations, go on a holiday, or simply top up a pension.  By having your income directed to this account, you have more money in the account for longer, which saves you interest.  These loans come with greater flexibility over how much you repay and the timing of the repayments.

Considerations
Usually, any loan with extra benefits has a higher interest rate, so a line of credit loans may attract a higher rate.  Before you refinance, check that you'll be better off.  LOC are designed to pay for bugger purchases or projects, so if you are not disciplined with your money, and feel you may end up drawing on the account for spur of the moment purchases, this type of loan may not be for you.  

Line of credit loans are a great choice for borrowers who are disciplined in managing their finances and may need to the funds for other projects such as home renovations or superannuation top-ups.  Your Local Melbourne Mortgage Broker will work with you to ensure that you get the best deal when you refinance, and we offer a full range of services to help you manage your mortgage.





 		  List of lenders

More in this Section

Debt Consolidation: Mortgages

Debt consolidation works by you grouping together all your debts into one

Refinancing Mortgages

Thinking about refinancing your mortgage?

Melbourne Home Loans

Home Loans in Melbourne

Home Loan Pre-approval

Pre-approval for your home loan

100% Home Loans

Considering a no-deposit home loan?

 

Melbourne Home Loans

Full featured home loans

Variable rate home loans now with all the bells and whistles.

Debt Consolidation

Bring together all your credit cards, car loans and other debts into the single facility.

Refinancing

Interest rates keep falling. Are you getting the best deal you can?

Low Doc Home Loans

Don't be penalised just because you run a successful small business. Be treated as an equal here.

Home Equity Loans

Take advantage of a revolving line of credit to fund important purchases or to renovate..

Cheapest Home Loans

A honeymoon loan can save you thousands to begin with. The trick is reading the small print.