When it comes to managing your home loan, there are many flexible ways to stay on top of repayments and to make the most the features provided.
Line of credit (LOC) loans allow you to borrow money using your existing home as security. These loans can be used for anything you like, for example renovations, stock investments or even a family holiday. Essentially, a LOC is similar to a credit card, although it has a large limit that uses your current equity to secure it.
Similar to a line of credit, reverse mortgages allow you to borrow money from your existing loan using your current property as security. The money can be provided via a regular income stream, a lump sum or a combination of the two. In addition, you do not have to make constant repayments although the interest does accrue onto the balance, of which the borrowed amount is only payable when you sell the property or die. Reverse mortgages may be used to acquire another property as an investment through using your current equity (your house) as collateral.
Are you finding that you are paying for features that you do not need? We’re here to help. We can help you refinance your home loan, and in doing so, we may be able to find you more useful loan features and in most cases also save money by cutting down on the ones you don’t use and reviewing your interest rate. If you would like us to talk to you more about what we can do to help please call us on 1300 015 133.
For more information see our eBook Guides