Opening a line of credit home loan gives you full access to your funding needs, allowing you to purchase what you need for your home or investment when you need it.
With the Pacific Mortgage Group (PMG) Line of Credit Home Loan you can access the equity in your home to finance your lifestyle or other investments. Line of credit home loans are flexible and allow borrowers to borrow and repay funds when they wish. The PMG Line of Credit Home Loan offers a competitive rate, flexible access and a number of other features which help to reduce costs and increase accessibility.
PMG also offers a competitive, no frills standard variable rate home loan if you are just looking to secure financing for a new home at a competitive interest rate.
| Product Name | Pacific Mortgage Group Line of Credit Home Loan |
|---|---|
| Interest Rate Type | Variable |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $50,000 |
| Maximum Loan Amount | $5,000,000 |
| Minimum Loan Term | 1 year |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 80% |
| Mortgage Offset Account | No |
| Mortgage 100% Offset | No |
| Loan Redraw Facility | Yes |
| Split Loan Facility | Yes |
| Fixed Interest Option | Yes |
| Loan Portable | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | Yes |
| Repayment Type | Principal & Interest |
| Application Fee | $0 |
|---|---|
| Ongoing Fees | $120 p.a. |
| Settlement Fee | $0 |
| Discharge Fee | $0 |
Pros
- No application fee,settlement fee and discharge fee.
- You can split your loan to keep personal and investment funds separate.
Cons
- Not available for investor.
- No offset account.
Things to consider about the PMG Line of Credit Home Loan.
The PMG Line of Credit Home Loan is an equity loan, meaning there are a number of ways in which the funding may be used. Borrowers may purchase a home to live in, or buy one as an investment for their future. Funds can also be used to consolidate debts, take a holiday, or whatever else you want want to do.
Unlike other home loans, there are no fees associated with the PMG Line of Credit. This includes the usual cost of processing the loan, as well as any annual or monthly fees once the loan terms have begun.
Existing home owners can also take advantage of the competitive interest rate and available line of credit by refinancing an existing mortgage into this low interest line of credit.
Features of the PMG Line of Credit Home Loan
- Loan amount. Borrowers have the opportunity to secure up to $2 million, giving you the opportunity to use funds for expensive purchases such as property.
- Loan-to-Value Ratio (LVR). For a metro loan of up to $1 million you can borrow up to 90% of the value of the property. For smaller loans up to $750,000, you’re able to borrow up to 95% LVR.
- Minimum deposit towards the property. To qualify for this line of credit, you should have at least 5% of the value of the property readily available.
- Loan terms. You can opt to have this loan for a period of five to 30 years.
- Repayments. You have the option of making principal and interest payments or interest-only. Borrowers may also choose if the repayments will be made weekly, fortnightly or monthly.
- Repayment methods. You can have your repayments debited directly from your account or from your salary.
- Redraw availability. One day after the start of the loan, you are entitled to redraw an unlimited amount of available funds at no cost.
Fees
Fees you can avoid
- Application fee. PMG does not charge the borrower for preparing or processing the application.
- Valuation fee. There is no charge for the valuation of the property.
- Settlement fees. As with the application fee, PMG will not charge you when the line of credit settles.
- Monthly fees. There are no monthly maintenance fees associated with this line of credit.
- Annual fees. You will not be charged an annual fee for this line of credit.
Fees you can’t avoid
- Stamp duty. Depending on your location and personal situation, a government imposed tax will be applied to your loan paperwork.
How to apply for the PMG Line of Credit Home Loan
If you would like to apply for this loan, please speak to your local mortgage broker to make an enquiry.
Here is the list of eligibility requirements that you must fulfill to apply for this loan:
- Age. Only applicants over the age of 18 will be considered for this line of credit.
- Residency. Only permanent residents and citizens of Australia are able to apply for this line of credit.
Here is the list of documents that you need to provide to apply for this home loan:
- Identification: You will need to provide a valid Australian driver’s license or passport.
- Property: If making a home purchase you will need to have the contract of sale. For refinancing you will need the land rates notice along with the certificate of title.
- Assets: A complete list of all of your current assets, including bank accounts, investments and cars.
- Liabilities: Any financial obligations you have such as loans and credit cards. Include the available balance and credit limit.
- Income: In addition to your salary, include income from any other source such as rental payments.
- Expenses: Include all of your monthly expenses including your utility bills.
This line of credit home loan has the ability to help you fulfill your financial needs. Consider the open line of credit when comparing the PMG line of credit home loan to other home loans available.
