Find answers to some of the most common questions from our members
A Line of Credit loan is ideal for borrowers who are good at budgeting and want a loan account which combines their transaction account and credit limit all in one.
If you're still not sure about which option is right for you, we're happy to help you make the right decision. Call us on 13 11 82 or visit your nearest branch for more details.
Line of Credit accounts are Interest Only up to a period of 10 years, with a review after this time. This means your required payment is equal to the interest charged to the account for the month. The interest amount due each month can be deducted from the available funds in your Line of Credit account, providing you are within your approved limit.
A Line of Credit account allows you to deposit and withdraw funds up to an approved credit limit as often as you like. You can even have your payroll credited to the account.
By regularly depositing into the account (via payroll or savings) you could reduce the amount of interest paid, therefore reducing the term of your loan, allowing you to pay it off sooner.
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