Line of Credit Home Loan - ratestar.com.au

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Rate Star Line of Credit with MasterCard and /or Cheque option

(This product is not available for construction loans).

Purpose: This facility is similar to an overdraft facility or credit card account, except that both principal and interest are repaid over time in regular installments

Loan Size: From $150,000 to $2,500,000 per security property (conditions apply. If LOC is stand-alone Max amount is $750K LVR 85%

Term: 30 Years Only

Repayments: Interest Only for first 15 years (called the Revolving Credit Period) follow by Principal and Interest for the remainder of the loan term

Frequency: Weekly, fortnightly or monthly. The full repayment has to be received by the 2nd working day of the month

Convert to Fixed Rate: At the end of the Revolving Credit Period, all or part of the loan can be converted to a fixed rate loan

Split Loan Facility: Up to 4 separate splits per facility. Transfer funds between splits using Inter Account Payment facility

Withdrawals: Available when required. Minimum re-draw $50 when using Loan Service Line or Loan Service Net for all variable rate loans

Pay Anyone: Payment can be made to any bank, building society or credit union directly from your loan using a valid BSB and account number (excludes credit cards).

Card Access: A Card providing direct access to funds available in the loan is available for each Line of Credit account

Cheque Access: Cheque Book access to funds available in the Line of Credit account is available for each Line of Credit account.

Other Conditions:

At the end of the Revolving Line of Credit Period, any unused credit limit is cancelled and principal and interest payments are then made on the outstanding balance.
All repayments need to be made by electronic direct debit.
A lenders mortgage insurance premium is payable by the borrower if the amount borrowed is greater than 80% of the value of the property.
A 1st registered mortgage over the residential property is required as security on all loans.
An Annual Credit card fee of $35 is waived for the first year and also waived for subsequent years if credit card purchases exceed $8,000 p.a
A Cheque Book is also available at $20 for a book of 30 cheques