Line of Credit
A Line of Credit is typically an Interest Only loan which may be repaid and drawn back up to it’s limit at any time. It often comes with additional access options such as credit cards and cheque books in addition to internet and telephone banking.
Lines of credit are often used as an ‘All in one’ solution where borrowers credit their salaries to the loan and during the month their expenses and other commitments are debited to the loan. This means that their income is used to reduce the monthly interest charge, as interest is calculated on the daily outstanding balance as well as potentially accelerating the repayment of the loan through surplus income not used during the month.
Many investors choose Lines of Credit due to their flexibility and ease of access to the funds they need to secure a new purchase or manage their existing investment properties.
Iden Money Line of Credit product spec available here.
Make an appointment to see an Iden Money Loan Consultant.
