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Line of Credit Home Loans
Line of credit home loans let you do more than simply buy a home.
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A line of credit works much like an overdraft facility or credit card, allowing you to withdraw funds at anytime up to your set approved limit. Unlike a standard loan, a line of credit is primarily an interest only product that has become popular due to the flexibility and benefits it offers such as:
- ready access to available credit
- account funds accessible by cheque book, debit card, internet and phone banking
- direct salary crediting
- direct debits
- lump sum payments with no penalties
- available for personal use or business and investment
A line of credit facility is the most flexible type of home loan and is commonly used by borrowers to direct salary credit. This means you could reduce your loan term and potentially save thousands of dollars on interest.
As with any credit facility, financial discipline and good budgeting skills are required. PowerHouse Mortgages offers a unique monitoring software program. This program has been designed to establish if a line of credit strategy will work for you. By closely monitoring your budget, it helps you achieve your financial goals sooner.