What is a Line of Credit and how does it work?
Access to funds at a mortgage secured rate, while easy to use like an everyday account.
Offers the convenience of an agreed limit. This means you have funds available when opportunities present themselves.
You’re only charged interest on the amount you use.
No penalty for making lump-sum repayments, and if you need funds again, simply withdraw up to your approved limit.
Typically used where a fluctuating credit limit is required.
A low $10.00 monthly facility with no Greater Bank transaction fees.
Ability to borrow up to 80% of the value of the property being purchased or the security provided.
