Line of credit

Line of credit - EECU

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A Line of credit is a mortgage secured facility that provides flexibility to those members who need a loan facility that allows them to withdraw funds from and make payments into at any time. A Line of credit offers the following benefits:

  • Convenient - with your Line of Credit, you'll have no need to apply for a loan each time you need to make a significant purchase.
  • A very low interest rate as the Line of credit is mortgage secured. Fully pay off your credit card with your Line of credit and get the benefit of a significantly lower interest rate.
  • Repayment flexibility - no fixed repayment period or amount. And if you have a windfall you can pay it into your Line of credit and decrease your debt without worrying about fees such as an early loan pay out fee.
  • Attached to a separate account. If the Line of credit is used for investment purposes, interest paid and fees incurred are easily identifiable for the ease of preparing tax returns.
  • Allows you to use the equity in your property when it suits you. If you are not using it no interest or fees are charged.
  • You are in control. Once the facility is approved up to a specific amount it is completely your choice how much you use and when you use it.