With the BankVic Line of Credit Loan, you can access the equity in your property in order to make home improvements, take a holiday vacation or make further investments.
As with most line of credit loans, the interest rates offered by BankVic are significantly higher than average, particularly for investors, however they are relatively reasonable compared to other line of credit loans on the market.
This loan must be repaid on a monthly repayment schedule, but you have the option to repay your Line of Credit Loan early penalty-free.
As part of this loan, you will have access to a Visa debit card that is linked to your line of credit or another BankVic transaction or savings account. Be aware however that there are fees associated with this card such on certain ATM withdrawals, cash advances or international currency conversions.
Also keep in mind that, in order to be eligible you must be a member of BankVic.
If you have built up equity in your property that you would like to access to make a large purchase or another investment and are a member of BankVic, the Line of Credit Loan could be a good option.
This loan is suitable for owner-occupied and investment properties and offers the flexibility to switch the property that your loan is secured against since it is portable.
The BankVic Line of Credit Loan is a flexible offering for people who want to draw down on the equity they have in an existing property.
The downside is that it has moderately high fees and a high variable interest rate. Even though it is competitive compared to other line of credit loans, keep in mind that your interest will accrue over the life of your loan so it’s wise to have a strict timetable to pay the amount owing back.
Find out more information about the owner-occupied and investment loan options available with the BankVic Line of Credit Loan.
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