The main feature of the Arab Bank Australia Line of Credit Loan is the revolving line of credit that you can use for further investments or purchases. The Arab Bank Australia Line of Credit Loan allows you to use the equity of your property as a line of credit much like a credit card.
You will have access to these funds 24/7 that you can use towards making renovations to your home or other investments. Any time you deposit funds into line of credit facility, this deposit offsets the interest on your loan. However, there is no 100 per cent offset account available with this loan. Customers of this home loan do not have a set repayment schedule and can choose to make principal and interest or interest-only repayments.
However, the variable interest rate of this loan is very high, as is to be expected for most line of credit loans. There is a minimum amount you must borrow in order to qualify for the Arab Bank Australia Line of Credit Loan, up to a maximum of 90 per cent of a property’s value. You will have to pay lender’s insurance if borrowing over 80 per cent of a property’s value.
The Arab Bank Australia Personal Line of Credit Loan is good for customers who need to access the equity of their property in order to make home improvements, investments or bigger purchases.
This home loan is also attractive for investors since there is an interest-only repayment option and no establishment or ongoing fees.
The Arab Bank Line of Credit Loan could be a good option if you’re looking for a home loan with a revolving line of credit so you can use the equity of your property for other investments or purchases.
It can also be a good loan if you’re looking for flexible repayment options such as principal and interest or interest-only repayments without having a set schedule.
However, the biggest con of this loan is that it has a high interest rate, which might counterbalance these benefits. It would be worthwhile to weigh these pros and cons to determine if the Arab Bank Line of Credit Loan is the right one for you.
To find out more about Arab Bank Australia’s Line of Credit Loan, follow the link below.