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A loan facility that can be more cost effective than traditional overdrafts saving you money through lower interest and charges. With a revolving line of credit (LOC) you can finance both your business & personal needs, build your wealth through investing in things like property, shares, renovations, your own business or simply maximize the use of your available funds to reduce the balance on your home loan, saving you interest.
The loan works like an overdraft with an approved credit limit. You are charged interest on the daily balance outstanding. Combine this with a fixed rate loan to give you both security and flexability. Line of Credits allow you to take advantage of investment opportunities as they arise with no fuss. They allow you to control your cash flow. You can structure your Line of Credit to achieve efficient management of your finance. (Ask us about our Mortgage Management Program and how it can help you)
You are able to divide your "Limit" into smaller portions to make it easier to account for the use of monies ,eg you may have a "Personal Account" which is used to refinance your home loan as well as an "Investment Account" which you use for purchase & sale of a small share portfolio, or a company account to replace that old overdraft. Each account comes with its own monthly statement enabling you to keep track of tax deductible expenses.
The amount you can borrow depends on the value and type of security offered and your ability to repay the loan. The security required is a registered first mortgage on an acceptable residential or commercial property.
Access to your money is via:
- A Chequebook
- An ATM card for use at ATMs and EFTPOS
- By using your credit card
- Branches where applicable
The minimum payment option is interest-only. Under this option, interest is calculated daily on the outstanding balance and charged monthly in arrears. Fees and government charges, if any, apply. This is outlined on your monthly statement.
BreakFree Financial Services