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This is essentially a facility to allow access to the equity that has been built up in your home over a period of time. It can be look at like a large overdraft where money paid in can be withdrawn again up to the original amount borrowed. It can function as several different loans (e.g. house, shares, and car) without the borrower having to take out new loans each time they have paid down a portion of the loan.


However most people treat their revolving line of credit loans as an amortizing product in that they make their normal repayments but the flexibility is there should you need to access a portion of your equity quickly. Revolving lines of credit often have higher interest rates than ordinary variable loans and can be a trap for those not good at budgeting. For more of a safety net, a standard variable loan with redraw or mortgage offset is often preferable, however you can split these loans to suit your requirements.


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