Home Equity Loans

Which Equity Loan Is Right For Me?

These accounts provide you with a "reserve" of credit on your account, than can be drawn down at any time. Some line of credit loan accounts have more flexible repayment alternatives, providing a benefit of allowing you to manage your cash flow better. Most lenders charge extra for line of credit accounts, either by way of a facility fee, undrawn funds fees and/or a higher interest rate. In many cases, a standard loan with redraw can provide features similar to a line of credit at lower cost, so make sure you compare the options carefully.

Through FinanceMe, we can specifically design a custom mortgage loan quote from the top three offers from our panel of lenders. FinanceMe will do the searching around for you!  Our consultants use their expertise and experience in the home loan market coupled with a unique computer software program that enables us to compare hundreds of loans in a matter of minutes 

Your Equity Loan Quote Features Include:

• No Credit Check – get a free quote without an enquiry on your credit file
• Customized pricing setting out all terms & conditions of each lender
• You Choose from Top Three Offers
• Detailed costing of monthly repayments stamp duty, mortgage insurance and any other fees payable.

Product Matrix:

• Minimum Loan $50,000
• Maximum Loan Value (LVR) 90%
• Good Credit Required
• Interest Only
• Fixed or Variable
• Available for owner occupied & Investment
• No Mortgage Insurance payable below 80% LVR

A line of credit loan provides you with access to the equity in your home or investment properties up to a pre-approved limit. You access the funds as you need to. The interest rate on a line of credit loan is usually a variable rate and repayments are interest only.
Advantages:

• You can use the money when you need it and pay it back when you can.
• Rates are generally lower than a personal loan or credit card.

Disadvantages:

• Unless care is shown it is possible to reduce the equity you have built in your home.