Problems with interest rates and repayments? Ask for home loan help.
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Using a line of credit product to finance and pay off your home loan may have some advantages as you can park extra funds in the account or arrange to have your salary deposited to the account. By doing this you may reduce the balance temporarily and pay less interest and therefore pay your loan more quickly.
The pitfalls of doing this are that a Line of Credit generally does not have a set minimum repayment and so, without discipline, you may never pay off your loan. In addition some lenders may charge higher fees or interest rates negating some of the benefit.
Call Your Local Finance mortgage broker on 1300 787 665 to discuss your options.
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