Whether due to extra repayments or a capital gain, chances are some equity may have built up in your home over time. Accessing this equity, to have a transactional facility with a set credit limit, secured by a property, is what a line of credit home loan can offer, subject to being able to service the loan.
Things to consider:
You need to prepare a clear exit strategy for its full repayment prior to the end of the loan term
- Interest, fees and charges can be Capitalized, However you will also need to ensure that the credit limit on the account is sufficient to allow for this Capitalization otherwise repayments will be required. Please note Capitalizing interest will mean you will reach your limit sooner than if you had been making regular interest only payments
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