BOQ’s Line of Credit Facility is a typical line of credit loan in that it allows you to draw down on your equity up until a certain pre-approved limit. The loan allows you to make repayments and draw against these, as long as you stay within the limit. Interest is only calculated on the amount of money you have used.
BOQ’s Line of Credit Facility offers you all the flexibility you need to set your own repayment schedule. You can make extra repayments, you can make the required payments on a weekly, fortnightly or monthly basis. You can access funds any time you wish from an ATM, over the internet, or by EFTPOS.
With its low variable rate, BOQ’s Line of Credit Facility is good for owner-occupiers, refinancers, or investors who are looking for a flexible financial product, as it allows you to make unlimited extra repayments, and draw up to your limit whenever you need to. However, with so much flexibility, you’ll need to be good at budgeting. If you apply as an investor, you will pay slightly higher interest, as the owner-occupier and investment rate are different.
If you are looking for a flexible product that gives almost unlimited redraw and repayment options, and you are good at budgeting, a Line of Credit could be an option for you. BOQ’s Line of Credit facility gives you all the flexibility you need at a standard home loan rate, as well as the convenience of ATMs, EFTPOS, and internet banking.
BOQ has an option for both owner occupiers and investors, but investors have to pay a slightly higher rate.
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