If you’ve owned your home for a while now, chances are you’ve built up equity in your bricks and mortar. The Coastline Credit Union Home Equity Home Loan is a flexible credit option that uses the equity in your existing property.
This variable rate loan allows you to free up the cash in your home so that you can use it to build your portfolio.
Unlike most other home loans that require putting down a deposit, you can use the equity in your existing property to secure the loan.
The Coastline Credit Union Home Equity Home Loan has no redraw facility and does not have the option for a 100 percent offset account.
While this equity access loan doesn’t have all the bells and whistles of traditional home loans it does allow you to make additional repayments and gives you ATM and EFTPOS access.
The interest rate on your Coastline Credit Union Home Equity Home Loan will depend on the amount you borrow. Loans over a certain amount will have access to a slightly lower interest rate than smaller loan sizes, for instance.
Coastline Credit Union loans are only available to their members, so you’ll need to join before applying.
If you’ve owned your home for a few years and have been paying off the principal and interest, chances are you have a bit of equity in your home.
This can help owner-occupiers transition to investors by giving them a flexible line of credit for alternative investments and purchases.
Most people don’t realise the value of using the equity in their homes to either fund a renovation or invest in an additional property.
While equity loans generally don’t have as many bells and whistles as traditional home loans, this Coastline Credit Union Home Equity Home Loan does have some noteworthy features, like the ability to make additional repayments and the flexibility of being able to access the funds through an ATM and EFTPOS network.
In terms of the rate, there are discounts available for loans over a certain amount, which make the high upfront fees a little easier to digest. However, it’s worth noting that equity loans and line of credit loans can be expensive options so it’s worth factoring in the cost of borrowing this way, compared with other lending options, before signing on the dotted line.
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