The Service One Alliance Bank HomePlus Loan allows customers to use the equity in their home as a multi-purpose account and can be accessed through ATM, credit, cheque and VISA.
Customers can borrow up to 80 per cent of the value of their property and repayments can be made weekly, fortnightly or monthly as either principal and interest or interest-only.
Additional repayments are also permitted and an offset account is also included for those looking to use their savings to minimise the amount of interest owed on the loan.
The loan can be split between fixed-rate variable loans and customers have the ability to increase the loan amount via a top-up facility.
There is also a portability option for those looking to transfer their loan to a new property, as well as a construction loan option.
The Service One Alliance Bank HomePlus Loan is good for homeowners wanting to use their home equity to access a large line of credit for renovation, construction or other purposes.
The ability to make interest-only payments may suit investors also wanting access to a line of credit for renovation or investment purposes.
The Service One Alliance Bank HomePlus Loan is a variable rate loan that allows customers to use the equity in their property as security for a line of credit loan.
It offers a variable interest rate with the ability to make additional repayments and use savings to offset the interest owed, which may suit homeowners looking for a line of credit with flexibility in how and when it is repaid.
The loan charges high upfront fees and an ongoing monthly fee, which may make it more suitable for homeowners wanting frequent access to a line of credit, or planning renovations or construction in the near future.
However, the loan functions much like a large credit card, so it’s important to be disciplined in how and when the line of credit is used, as the relatively higher interest rates may result in more being repaid over the life of the loan.
The Service One Alliance Bank HomePlus Loan is a line of credit offered to owner-occupiers and investors as a variable rate loan.
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