Line of Credit Mortgage

You can pay into and withdraw from your home loan every month, so long as you keep up the regular required repayments. Many people choose to have their salary paid into their line of credit account. This type of loan is good for people who want to maximise their income to pay off their mortgage quickly and/or who want maximum flexibility in their access to funds.

Pros

  • You can use your income to help reduce interest charges and pay off your mortgage quicker.
  • Provides great flexibility for you to access available funds.
  • You can consolidate spending and debt management in a single account.

Cons

  • Without proper monitoring and discipline, you won’t pay off the principal and will continue to carry or increase your level of debt.
  • Line of credit loans usually carry slightly higher interest rates.
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