What is a Line of Credit?
A Line of Credit allows borrowers to withdraw funds, deposit and withdraw them again whenever
they wish and as often as they like during the life of the loan. This is an excellent account
for P.A.Y.E. individuals, investors and business people who need funds periodically for any
purpose whatsoever and the loan is set for 30 years, so in fact it is a 30 year Line Of Credit.
The Features of this loan are:
- Borrowers receive a specific credit limit up to 80% of the value of the security property.
- Internet & Phone access to your account for payments and redraws.
- Interest is payable only on the amount of the credit limit actually drawn down at any time and only interest is charged.
- There are no ongoing fees or changes applicable (except for Government charges).
- The facility can be repaid in full at any time without penalty (and left in place for the future if you so wish) , provided the mortgage remains in place.
- Mortgage Insurance is not payable by the borrower when the loan amount is under $500,000, and less than 80% loan to value ratio.
- Security can be substituted and the loan is portable to another security. (Subject to usual credit checks).
- An excellent account for both self-employed and P.A.Y.E. borrowers.
Mortgage Elimination
Borrowers can use the above facilities to reduce the term of their loan, thus reducing the
amount of interest payable, by living off a credit card facility and paying it back from the
loan account.
BAM is happy to quote you on your Line of Credit.
Please Contact Us or fill out an
Enquiry Form so that we can get back to you.
If you are happy to proceed please fill out an Application
Form.
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