Line of Credit
A Line of Credit is a funding limit or overdraft facility secured over residential property.
It is generally a ‘revolving’ loan without a loan term. Contracted loan repayments are not required provided the loan is operated within the approved limit.
Repayments are true interest only a cheque facility is usually attached.
The facility limits extends to 80% – 90% of the value of the property offered as security.
This is a very flexible product recommended for well disciplined people only.
