The main feature of the Equity Line of Credit Loan is that you have a line of credit available that is borrowed against the equity in your property.
The variable interest rates offered to both owner-occupiers and investors for this home loan are high, which is fairly standard for a loan of this type.
Repayments only need to be made if your unpaid loan balance exceeds your credit limit, though your loan must be paid off by the end of your term.
You can also make extra repayments to pay your loan off early without penalty.
A handy feature of this loan is the loan portability option, which means if you move homes you can take your Equity Line of Credit with you and switch it to a different security
This home loan is good for both owner-occupiers and investors looking to have access to the equity built up in their property through funds in a line of credit in order to pay for other things and to make other investments.
The Equity Line of Credit could be a good option for both investors and owner-occupiers who want to access their property’s equity through a line of credit in order to make home improvements, further investments or big purchases.
Line of credit loans take discipline, particularly with the high variable interest rate, so it’s worth seeing if the benefits outweigh this to determine whether this loan is the most suitable option for your needs.
The Equity Line of Credit Loan by Bank First has options for both owner-occupiers and investors. Find out more information about each at the links below.
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