What is a Line of Credit Loan?
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RBA to hold: have home loan rates hit the bottom?
The Reserve Bank is expected to keep the cash rate on hold at 0.25 per cent when it meets today, but the rate cuts keep coming from the banks for new home loan customers.
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.