Accessible Lines Of Credit
With this type of home loan, you can access funds up to your approved limit at any time. Your salary can be paid directly into the loan account and you can access the balance of the loan at any time – like a credit card. You can use these funds to purchase shares, go on holiday, buy a new car, start home renovations or so much more!
If you are interested in this loan the first thing you should do is ask your mortgage onsultant. You should thoroughly check all the facts before committing to this type of loan.
- Money is easily accessed by cheque or ATM card linked to this loan. You can use it for living or for other investments.
- By depositing your salary and savings into this loan you reduce the interest charge.
- Extra repayments are allowed at any time.
- A mortgage reduction programme can be helpful in managing this type of loan. Ask your Origin Finance Loans Consultant.
- Ease of withdrawal means if you are undisciplined this loan can get out of control.
- The interest rate is usually higher than Traditional Variable Rate and Low Frills Loans.