The Capricornian Access Equity Loan

Features

The Capricornian Access Equity Loan is a line of credit loan that allows you to access the equity of your home loan in order to make other investments or purchases.

You’re able to access your home equity funds with this loan while also repaying your mortgage weekly, fortnightly or monthly at a variable rate. The variable rates offered by this home loan are quite high so while you have access to your home’s equity, you are also paying a high amount of interest.

There is no 100 per cent offset account offered with this loan so you do not have access to a transaction account that will assist in reducing your interest paid over time.

Customers of this loan do have the ability to make early repayments without being charged a penalty fee. You will also have access to a redraw facility through online and mobile banking with this home loan. Redraws are also available in-branch but you will incur a fee for redrawing in person.

The Access Equity Loan has a maximum loan period and a minimum loan amount that must be borrowed, with a maximum of up to 80 per cent of a property’s value.

Who is the The Capricornian Access Equity Loan good for?

This loan is good for people who need to access the equity of their property in order to make home improvements or other investments. The Access Equity Loan could be a good option for both owner-occupiers and investors, depending on their needs.

This loan would also be beneficial for those who wish to make extra repayments over the life of the loan, without incurring extra charges, as unlimited extra payments are allowed.

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The high variable interest rate offered by the Access Equity Loan is the biggest downside to this loan. However, if you’re looking to make a big purchase, investment or make property improvements, it could be beneficial to have access to your home equity through the offered line of credit.

It’s best to look into your options to see if this loan is the best suits your specific needs. While having access to a line of credit can seem like a great plan it will essentially lengthen your mortgage term, if you draw down on it often, and increase the overall amount of interest paid.

The Capricornian Access Equity Loan Options

Find out more information about the Access Equity Loan offered by The Capricornian at the link below.

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More details

Variable Rates from

5.53%

Advertised rate

6.24%

Comparison rate
Pros
  • Redraw facility.
  • Penalty-free extra repayments.
  • Mobile access to funds.
Cons
  • High variable interest rate.
  • No 100 per cent offset account available.
  • Monthly ongoing fee.
Eligibility

·       Minimum loan amount of $5000.

·       Must be able to provide proof of income.

·       Must be over 18 years of age.

·       Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Investors
  • Owner-Occupiers
  • Refinancers
  • Line of Credit Loans
Fees
  • Estimated upfront fees: $400.00
  • Discharge fees: $100
  • Ongoing fees: $0

There is a moderate amount of estimated upfront costs for establishing this loan as well as a monthly and discharge fee, which is charged at the completion of your loan.

While there is no fee for using the redraw facility through online and mobile banking, there is a fee for making redraws at any The Capricornian branch.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About The Capricornian

Based in Central Queensland, The Capricornian is a community-owned, local credit union with multiple branches throughout Central Queensland. Customers of The Capricornian have access to ATMs throughout Australia and can bank through online, mobile and in-branch banking.

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