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Review by
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).
This line of credit facility allows you to access equity in your property for other purchases or investments. There's a single lending limit for home and investment loans, and you don't have to reapply unless you choose to increase your credit limit.
If you'd like to find out more, please click on the Go to site button. You'll be taken to NAB's enquiry page. You can use this form to do the following:
To get started, you'll be asked to provide a few details:
4 Comments
July 29, 2021
Hi I’ve just bought a property and it’s paid outright for it and I need to set up a line of credit so I can do a bit of work to it can you help me
August 3, 2021
Hi Tony,
If you own your home outright, you may be eligible to apply for a line of credit with a number of different lenders. Your ability to gain loan approval depends on your income, among other factors.
To apply for a NAB Portfolio Facility (LOC), use this Private Enquiry Form to request an appointment to speak to a NAB home loan specialist: https://www.nab.com.au/common/forms/nab-private-enquiry-form
You’ll be asked for a few details such as your personal and contact details, the type of loan you need, the amount you’d like to borrow, and when you need the loan, so make sure that you have these ready.
I hope this helps,
Cheers,
Sarah
December 22, 2015
Can I switch my home loan to line of credit home loan.just wandering.
December 23, 2015
Hi Erlinda,
Thanks for your comment.
Generally speaking, there would be no restrictions on changing your current home loan to a line of credit home loan as this would be handled as though you were refinancing and, therefore, there are fees and charges that might come into play that you would need to consider. You may want to discuss this with your current lender to see your options.
I also suggest you to speak with a licensed mortgage broker. A broker can help you understand your financial position and they can leverage their panel of networks to find a lender that’s more inclined to review your application.
I hope this helps.
Regards
Jodie