The Home Equity Loan is designed for existing asset owners who wish to borrow against the portion of their home that they own.
It lends borrowers up to 80 per cent of their property’s value in equity, with loan terms of up to 30 years. The minimum loan size is $5000.
The loan can be used for investments, property improvements or discretionary spending, like holidays or personal spending.
Repayments can be made in lump sums or in smaller increments on a weekly, fortnightly or monthly basis. Interest is calculated daily and charged monthly.
Other features include a top up facility, a time out option and the option to make early repayments if desired without penalty.
Owner-occupiers, investors and refinancers who wish to borrow against the equity in their home and want the flexibility of repaying it in either regular instalments or lump sums.
The Macquarie Credit Union Home Equity Loan’s main attraction is its payment flexibility, with the option to adopt a weekly, fortnightly or monthly repayment schedule and the option to pay off the loan earlier if desired.
However, its rates for owner-occupier and investor are very high. It also has a number of fee categories and it has no attached offset account. It is not suitable for borrowers with no existing assets.
The Macquarie Credit Union Home Equity Loan lets borrowers to borrow against the equity in their property, with loan terms up to 30 years and loan amounts starting at $5000.
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