Line of Credit Facility

Break Down

  • A Line of Credit is a facility that allows you access to the equity which you have built in your home or even your investment property
  • A Line of Credit can be generally used for any purpose, but some lenders may have restrictions or guidelines attached to it
  • Mostly it can be considered as a large overdraft, where a credit limit is established and approved
  • It works like this you added money into your line of credit and also withdraw it again for what ever reason'¦upto the limit amount at any time
  • The line of credit facility is far cheaper than most of the credit card facilities, as a line of credit is usually the same interest rate as a home loan
  • Line of credit facility is generally not recommended to be used as a home loan facility as you need strict guidelines when you have a line of credit facility in place, unless you are extremely disciplined with money

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