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Line of Credit Home
Loan |
Line of Credit
Loans are interest only variable rate
loans that have full flexibility attached
to them such as cheque books and credit
cards. These are ideal for wealth most
line of credit loans offer interest
capitalisation features, provided that the
borrower has sufficient equity in the loan
account no minimum repayment is required.
Line of credit rates are generally higher
than standard variable rate term loans.
These accounts provide
you with a "reserve" of credit on your
account, than can be drawn down at any
time. Some line of credit loan accounts
have more flexible repayment
alternatives, providing a benefit of
allowing you to manage your cash flow
better. Most lenders charge extra for
line of credit accounts, either by way
of a facility fee, undrawn funds fees
and/or a higher interest rate. In many
cases, a standard loan with redraw can
provide features similar to a line of
credit at lower cost, so make sure you
compare the options carefully
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Applicant type
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Individuals,
Companies, Trusts. |
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Employment requirements
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P.A.Y.G.
must be full-time or
part-time permanent. If
Self-Employed, two years. |
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Income:
required proofs |
P.A.Y.G. Pay
slips, group certificates or
employer letter.
Self-employed, two years tax
returns. |
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Loan
amounts minimum & maximum
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$30k to $2
mil |
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Purpose
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Owner-Occupied, or
Investment Residential |
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Maximum LVR
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90% LVR up to $750,000 |
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Coded,
non-coded, or either
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Either |
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Credit
related issues |
CLEAR. Very
minor but paid defaults may
be O.K. |
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Variable, fixed or both
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Variable
only |
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P&I,
I/O, or both |
Interest Only |
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Residency Status
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Citizens and
permanent residents |
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Comments, special conditions
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Non Genuine
Savings Option below 90% LVR |
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Important
Information:
Some email filters will send
form confirmation links
directly to your junk mail
box. If you can not find a
reply confirmation in your
inbox please check in your
junk mail. |
If
you wish to proceed, then we will help
you to complete all the necessary
paperwork and liaise with the lender on
your behalf. This will include the
completion and submission of your home
loan application and the on-going
communication between all parties until
your home purchase is settled
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Home Loans