Loan Types

HomeLoan TypesLine Of Credit

Line of Credit

If you have the discipline to use it correctly, you will enjoy the benefits of this type of loan it’s the ultimate flexible loan. You will have, at any time, instant access to the equity in your property up to a pre-arranged limit. A creative way to raise funds quickly when needed.

The loan balance fluctuates with monies going in and out e.g. salary credits, credit card debits or cash withdrawals. This type of loan can be very expensive if the loan balance is increasing. It requires an interest only payment as a minimum each month. However, with the correct budgeting and discipline, you can dramatically reduce the time it takes you to pay out your loan.

Click here to read more about how Line of Credit loans work and their pros and cons in our blog article. 



  • Money is easily accessed by ATM, cheque, credit card or debit card, all linked to the loan
  • You can use this money for any reason anytime
  • By placing your salary and savings into this loan you will dramatically reduce the interest charge
  • Extra Repayments are allowed at any time


  • Money is too easily accessible (like a giant credit card) – If you are not financially disciplined this loan can get out of control
  • Interest Rate is usually higher than the standard variable loan and Low Frills Loans


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