The Live Life Home Equity Loan provides you with a line of credit accessed through your property’s equity that you can put towards other purchases and investments, including to make renovations on your home or to take a holiday.
This loan is offered at a high variable rate of interest, however the 100 per cent offset account could help you to reduce your interest payments through the balance of this deposit account.
The Live Life Home Equity Loan can be repaid early without penalty and any additional repayments you make will not incur a penalty-fee.
There is also a redraw facility, so you can access any extra payments you’ve made for free, although redraws are subject to approval.
You can borrow up to 80 per cent of your property’s value with the Live Life Home Equity Loan, however there are minimum and maximum borrowing amounts that you must meet in order to qualify for this loan.
You will also be able to switch the property in which your loan is secured against if you move homes or want to change which investment property you access equity from with the loan portability option although a fee will apply.
The Holiday Coast Credit Union Live Life Home Loan is designed for people who want to tap into the equity in an existing property. Potential borrowers should note that this loan is only available to customers who have an existing mortgage with the Holiday Coast Credit Union.
The main plus of the Live Life Home Equity Loan is the access you will have to your property’s equity. While the ability to make extra repayments without charge could potentially save thousands of dollars over the life of your loan, the high interest rates and fees associated with this loan could outweigh this benefit.
It’s a good idea to explore your options and calculate the savings versus the costs of the Live Life Home Equity Loan to see if this one stacks up.
For more information and to find out if the Holiday Coast Credit Union Live Life Home Equity Loan is right for you, explore your options below.