What is a Line of Credit Loan?
Latest home loans news
Lenders slash mortgage rates while Australians top up offset accounts
Average home loan interest rates have declined by between 33 and 45 basis points over the last quarter, according to the Reserve Bank of Australia (RBA). While this has reportedly led more Australians to refinance their mortgages and top up their offset accounts, fewer new home loans have been recorded.
A line of credit loan, or equity loan, is an approved amount your lender will let you borrow with no set loan term. It functions like a giant credit card which is secured against your property and interest will only be charged on the amount you have used.