The Handyloan Secured Line of Credit lets you borrow up to 95 per cent of the value of the home you want to buy or build with Lenders’ Mortgage Insurance, with a minimum loan amount of $50,000.
Despite being a line of credit loan, the Handyloan Secured Line of Credit is structured much the same as any other home loan when it comes to repayments. You can service the loan weekly, fortnightly or monthly. If the line of credit is attached to a variable interest rate, you can make as many extra loan and lump sum repayments as you wish.
A line of credit loan means that you’re not limited as to what you can purchase. With a home loan, you must buy a property, but with the Handyloan Secured Line of Credit you might want to buy a car or holiday. However, be warned, interest is calculated daily and charged monthly on the amount you spend.
The Handyloan Secured Line of Credit could suit owner-occupiers or refinancers who are looking to purchase or build a second property.
The Handyloan Secured Line of Credit gives you access to the equity in your property and is designed to let borrowers purchase or build a second property. This loan comes with a number of features, including a redraw facility and a flexible repayment schedule.
However, it should be noted line of credit loans come with a higher interest rate than standard home variable home loans. Before you take on line of credit loan, make sure it fits your personal circumstances and desires.
The Handyloan Secured Line of Credit is available on a fixed or variable interest rate.