Horizon Credit Union Handyloan Secured Line of Credit

Features

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. 

Who is the Handyloan Secured Line of Credit Loan good for?

The Handyloan Secured Line of Credit could suit owner-occupiers or refinancers who are looking to purchase or build a second property. 

Review - What RateCity says

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. 

Horizon Credit Union Handyloan Secured Line of Credit Options

The Handyloan Secured Line of Credit is available on a fixed or variable interest rate. 

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More details

Variable Rates from

4.74%

Advertised rate

4.84%

Comparison rate
Pros
  • Repayment schedule flexibility.
  • Borrow up to 95 per cent.
  • Top-up facility.
Cons
  • No 100 per cent offset account.
  • High interest rate.
  • Minimum loan $50,000.
Eligibility

Maximum 30-year loan term.

Must meet lender’s serviceability criteria. 

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Line of Credit Loans
Fees
  • Estimated upfront fees: $500.00
  • Discharge fees: $250
  • Ongoing fees: $5 monthly

There are moderate upfront fees and a low ongoing fee attached to this product. A standard discharge fee is payable at the end of the loan term. 

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About Horizon Credit Union

Horizon Credit Union is a customer-owned bank that offers a full-range of banking accounts and services. The Horizon Credit Union was established in 1964 to serve Illawarra County Council employees. Now anyone can be a member by purchasing one share in the credit union, which is fully-refundable should you switch banks.

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