Line of Credit
Today’s home loans let you do more than simply buy a home. Consider a line of credit loan for example. Also known as a revolving line of credit, these loans have become popular due to their flexibility and features. A line of credit home loan is a credit facility secured with a first mortgage on a residential property. Similar to a credit card, they allow you to withdraw funds up to a set limit at any time. Repayments can be made in full or on a monthly basis. This type of loan can be used to purchase most types of property, from the family home to an investment property. As long as you make the minimum monthly repayments, you can use the line of credit to carry out renovations, invest in shares or just pay the bills.
Features at a glance