Commonwealth Bank Viridian Line of Credit
Unlock your home’s equity through the Viridian Line of Credit from the Commonwealth Bank.
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With a line of credit you are able to borrow against the equity built up in your own property. You can take some of this equity as a line of credit and then spend it as you need on purchases, travel or investments.
The terms of repayments for this loan are flexible, allowing you to make monthly interest repayments only or additional repayments towards the principal and interest. You are in control of how the funds are spent and how pay them back.
About this loan
What are the features and benefits of the Commonwealth Bank Viridian Line of Credit?
- Loan-to-Value Ratio (LVR). You can qualify for up to 60% of the home's value and not be subject to Lenders Mortgage Insurance (LMI) or low deposit premium (LDP). If you borrow above 60% LVR and one of those additional charges will be applied.
- Loan terms. There are no limits to the terms of this line of credit. You can continue to use it and pay into it as your circumstances see fit.
- Repayment frequency. You can make monthly payments on this loan to pay it off.
- Repayment types. You must meet the minimum interest payments due on your loan each month, but apart from this no principal payments are required. Keep in mind that not paying off the principal of your loan will mean your loan will not get paid off over time.
- Redraw. You can redraw funds at any time and for any amount, subject to your credit approval.
- Loan amount. The minimum amount you are allowed for the line of credit is $20,000. The maximum amount is dependent on your finances and available equity in the property.
What fees and charges come with this loan?
- Application fee. You will be responsible for paying a one-time fee of $600 for preparing the paperwork.
- Ongoing fee. You will have to pay a $12 monthly service fee.
- Settlement fee. There will be a $200 charge when the line of credit is settled.
- Discharge fee. $350 will be charged when you discharge the loan.
How to apply
In order for the Commonwealth Bank to consider you for this line of credit, CBA will first ascertain that you meet certain eligibility criteria:
- Age. You must be at least 18 years of age to be considered for this product.
- Secured property. You will need to be an existing homeowner to apply for this line of credit.
You should have the following information readily available before proceeding with a loan application:
- Driver's licence. Your driver's licence or other forms of photo identification will be requested.
- Employment. To show employment history, supply copies of your last three months' worth of bank statements.
- Expenses. A detailed list of all of your monthly living expenses including utilities and other loan repayments.