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.
| Product Name | Aussie Select Line of Credit |
|---|---|
| Interest Rate Type | Variable |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $100,000 |
| Maximum Loan Amount | $5,000,000 |
| Minimum Loan Term | 25 years |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 90% |
| Mortgage Offset Account | No |
| Mortgage 100% Offset | No |
| Loan Redraw Facility | Yes |
| Split Loan Facility | Yes |
| Suitable for Investment | Yes |
| Available as equity loan/line of credit | No |
| Repayment Type | Interest Only |
| Application Fee | $0 |
|---|---|
| Ongoing Fees | $15 monthly ($180 p.a.) |
| Settlement Fee | $0 |
| Discharge Fee | $535 |
Pros
- Flexible repayment
- Free internet redraw
Cons
- A $15 monthly service fee applies
- A $535 discharge fee applies
What do I need to know about this loan?
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.
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 90% of the value of your equity, but borrowing above 80% 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: $15. The Aussie Select Line of Credit Home Loan has a ongoing monthly fee.
- Discharge fee: $535. This fee is charged when you discharge your loan by either paying it off or refinancing to another lender.
How do I apply for the Aussie Select Line of Credit Home Loan?
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.
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