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Aussie Select Line of Credit Home Loan review
Access the equity in your home with a line of credit home loan.
The Aussie Select Line of Credit Home Loan is a line of credit loan that offers rate discounts depending on your borrowing amount. The loan lets you access the equity in your home for any purpose. It also offers the flexibility of unlimited additional repayments and a free internet redraw.
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Review by
Richard Whitten
richard.whitten@finder.comRichard Whitten is a senior writer at Finder, and has been covering home loans and the property market in Australia for the last 4 years. He has written for Yahoo Finance, Money Magazine and Homely, as well as multiple banks and lenders. Richard has a Certificate IV in Finance and Mortgage Broking, a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communication. He enjoys helping people understand the ins and outs of mortgages so they can make smarter property decisions. Richard trained as a high school teacher but found it easier to manage personal finances than a classroom full of kids. Before joining Finder, he edited textbooks and taught English in South Korea.
Expert review
The Aussie Select Line of Credit Home Loan lets you access the equity of your residential property, and allows you to borrow up to 90% of the value of your equity. It carries no application or settlement fees, and has a low monthly fee.
Aussie is a mortgage broker, not a bank. The company is a subsidiary of the Commonwealth Bank of Australia Ltd. Credit for Aussie's own mortgage products is provided by several companies.
About this loan
What are the features and benefits of the Aussie Select Line of Credit Home Loan?
- Loan amount and loan-to-value ratio (LVR). This loan has a minimum loan amount of $100,000 and a maximum loan amount of $5 million. You can borrow up to of the value of your equity, but borrowing above will incur a lenders mortgage insurance (LMI) premium.
- Repayment type and frequency. Repayments on the Aussie Select Line of Credit Home Loan are interest-only, and are made monthly. The loan allows unlimited additional repayments without penalty.
- Rate discounts. The Aussie Select Line of Credit Home Loan offers discounted variable rates based on the amount you borrow and your LVR.
- Free redraw. The Aussie Select Line of Credit Home Loan allows free internet redraws so you can access any additional payments you've made. There is a $50 charge for phone redraws.
- Low fees. The Aussie Select Line of Credit Home Loan carries no application or settlement fee, and has a low ongoing monthly fee.
What fees and charges come with this loan?
- Monthly fee: . The Aussie Select Line of Credit Home Loan has a ongoing monthly fee.
How to apply
If you think the Aussie Select Line of Credit Home Loan suits your needs, click the button below. You'll be taken to a brief form and asked to fill out a few details, and an Aussie Home Loans specialist will contact you within 1 business day to walk you through the application process.
The Aussie Select Line of Credit Home Loan offers flexible repayments and lets you unlock the equity in your home when you need it.
Disclaimer
Credit for Aussie Select home loans is provided by Residential Mortgage Group Pty Ltd ACL 414133. © 2021 AHL Investments Pty Ltd ABN 27 105 265 861 Australian Credit Licence 246786.
Applications are subject to approval. Conditions, fees and charges apply. Please note that you need to be an Australian citizen or permanent resident to apply.
