Line of Credit Loans
The equity you hold in your home is an asset which can be used for additional borrowing for property and share investments, education, and holidays. It can also act as a general line of credit. Equity is the amount of your home you own. For example, if your home is valued at $250,000 and you owe $150,000 you have $100,000 equity in your home.
Heritage’s Living Equity Line of Credit Loan has the following features:
- Draw up to the approved limit at any time
- Additional or lump sum repayments without penalty
- Borrow up to 85% of the value of the home. For example if your home is valued at $200,000 you can borrow up to $170,000
- Flexible revolving line of credit
- Full Internet access (BPAY etc) available
- Full transaction facilities including convenient Visa Debit card access to funds
- Interest only repayments for the first 10 years
- Valuation fee on first security paid by Society up to max $330^
- Limits from $20,000 to a maximum of $500,000
- A maximum loan term of 30 years
^ Excess valuation fees may apply in some circumstances where valuation fee exceeds $330 or where more than one valuation required. Loans subject to application and approval. Fees, charges and conditions apply.