LINE OF CREDIT LOANS
An Assured Home Loans Line of Credit is also known as an Equity Line or Revolving line of credit. It allows you to only pay interest on the money you actually utilise. You can create a source of funds up to an agreed limit by using your equity in your home. You can use these funds for any personal purpose and like a credit card, any principal repaid is available to redraw. Access to funds is usually by writing a cheque or using a debit card. There are no set principal requirements so as long as you meet interest, fees and charges on a monthly basis, you can repay as much or as little as you like.
Line of Credit Loans are typically attractive to investors who need ready access to funds. It is also advantageous to high income earners who wish to reduce the debt in their home at a much quicker rate. Line of Credit Loans attract a slightly higher interest rate than a standard home loan.