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Bank Australia Line of Credit

Matt Corke
Matt Corke
Last updated:  

Take full advantage of the equity in your home to finance any personal project you may have with the Bank Australia Line of Credit

The major drawcard of the Bank Australia Line of Credit is that it allows you to use the equity in your house to access finance. The loan also has a competitive interest rate and allows for daily and weekly repayments, giving you full control of how long you take to clear your debt.

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Expert review

Matt Corke

Review by

Matt Corke is Finder's head of publishing for rest of world and New Zealand. He previously worked as the publisher for credit cards, home loans, personal loans and credit scores. Matt built his first website in 1999 and has been building computers since he was in his early teens. In that time, he has survived the dot-com crash and countless Google algorithm updates.

Expert review

This loan helps you take advantage of your income by providing an all-in-one account feature that combines your home loan account, your access account and your overdraft facility. The loan also has no monthly service fees and a competitive application fee.

The Bank Australia Line of Credit can be used to finance purchases or to consolidate credit card debt or any other high-interest debt that you may have. A monthly overdraft fee is attached to this loan, as are monthly interest charges.You can opt to deposit your income into your Equity Loan account to speed up the repayment of the principal amount on your loan, while you can also make additional repayments if you wish.

About this loan

What are the features and benefits of the Bank Australia Line of Credit?

  • Competitive interest rate. This loan has an interest rate of 0%, which is quite competitive when compared to other similar loans.
  • Repayment options. You get to decide how fast you will pay your loan, with flexible options of making fortnightly, weekly or monthly payments. Interest is calculated on a daily basis, meaning you pay less the faster you pay the loan back It is advised that you schedule your payments for the periods you receive your paycheque to avoid any late or missed payments.
  • Fees. The loan has a monthly overdraft fee and an application fee. There is also a fee for any late or missed payments.
  • Additional repayments. With the Bank Australia Line of Credit there are no restrictions on how much you can repay. You are free to make extra repayments with no penalties attached so as to reduce the amount you pay as interest. Early payments also help you avoid late penalty fees and will reduce your total interest payments.
  • Loan amount and loan term.
    The minimum you can borrow through the Bank Australia Line of Credit is $10,000 and the minimum on offer through the lifestyle personal loan is $1,000. Maximum loan term for the lifestyle personal loan is 10 years.

How to apply

In order to be eligible for this loan, here are a few requirements that you must meet:

  • You must be over 18 years of age and have an acceptable credit rating. The amount you can borrow will hinge on your credit rating and your current income.
  • You must be an Australian citizen or have permanent residency in Australia.
  • You must be a homeowner.

If you are interested in securing a Bank Australia Line of Credit you simply need to click on the 'Go to Site' button on this page. You'll also need to provide the following information to Bank Australia:

  • Personal details (full name, contact information, current address).
  • The name of your employer, contact information.
  • Legal documents showing ownership of your home and any other loans you might have against your home.

The competitive variable interest rate on this loan is an attractive feature, but it's important to determine your ability to repay the loan before you sign up. You can compare the Bank Australia Line of Credit to other personal loans that may have a shorter repayment period to help you save on interest charges. However, if this loan sounds like the right option for you, you can apply today.

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