The Police Bank Equity Maximiser Home Loan encourages borrowers to deposit all of their income straight into the Equity Maximiser and then redraw any funds needed for living expenses
It is also possible to set up direct transfers to pay off any credit card debts that might be used for day to day expenses. With this in mind, Police Bank offers a credit card with a 55-day interest free period.
A key feature of the Equity Maximiser is a line of credit based on the equity of the property. This gives borrowers a number of options in terms of their spending, and is designed to work in concert with the Police Bank credit card.
The Police Bank Equity Maximiser is suited to owner-occupiers who would like to put all of their income into paying off their loan to reduce interest. It would also suit borrowers who already have a Police Bank relationship.
It is not suitable for investors.
The Police Bank Equity Maximiser home loan may appeal to owner-occupiers who want to use the equity in their existing property for another loan.
Its line of credit and redraw features offer flexibility, but its lack of additional repayments mean that it may not let borrowers refinance quite as quickly as some other options on the market. Its interest rate is also in the high range.
Given it is designed to be linked with a Police Bank credit card or debit card, it is best suited to borrowers who already have a relationship with Police Bank or would like to set up a number of accounts with Police Bank.
The Police Bank Equity Maximiser home loan provides options that will cater to a range of loan sizes and deposits.