Line of Credit Home Loan (LOC) June 23, 2015
The Line of Credit (LOC) is the ‘King of Flexibility’. LOC’s are generally evergreen facilities, ie there is no term or end date to the loan. The borrower can use as much or as little of the LOC limit as they would like and only pay interest on what you actually use. Large lump sum repayments can be made at any time and then these funds can be redrawn for another personal purpose.
With cheque book, internet, phone & ATM access to funds LOC’s are the perfect loan product for:
- Share and managed funds investors
- Borrowers who wish to operate their own mortgage minimisation program. (see your financial advisor before embarking on a mortgage minimisation program)
- Borrowers who do not require the total loan proceeds all at once and wish to progressively draw down the loan.
Better Choice Mortgage Services is not responsible for, and expressly disclaims all liability for, damages of any kind arising out of use, reference to, or reliance on any information contained within this website. While the information contained within this website is periodically updated, no guarantee is given that the information provided in this website is correct, complete, and up-to-date. Although the Better Choice Mortgage Services website may include links providing direct access to other internet resources, including websites, Better Choice Mortgage Services is not responsible for the accuracy or content of information contained in these websites. Links from Better Choice Mortgage Services to third-party sites do not constitute an endorsement by Better Choice Mortgage Services of the parties or their products and services. The appearance on the website of advertisements and product or service information does not constitute an endorsement by Better Choice Mortgage Services, and Better Choice Mortgage Services has not investigated the claims made by any advertiser. Product information is based solely on material received from suppliers. Advanced Finance (Pty) Ltd t/a Better Choice Mortgage Services are not financial planners or accountants and we would encourage our clients to seek professional advice before acting on any a financial or taxation information in this news post.