Bank of Queensland Line of Credit
What happens when I click Enquire Now?
- Clicking Enquire Now will take you to the lender's website
- After completing the contact form, a mortgage expert will contact you
- The mortgage expert will ensure you find the right loan, calculate your repayments, and explains all the associated fees
- After going through the enquiry process you will be able to know how much you can borrow, begin your application when you are ready to apply and be approved for a home loan
Often loans can be restrictive in the way the money has to be withdrawn. Most loans will require a purchase receipt or a transfer of title to be paid. Line of Credit loans have the distinct advantage of allowing you to withdraw money whenever you would like. You can do this without having to reapply and don’t have to make principal repayments until you reach the maximum amount of the loan. The Bank of Queensland Line of Credit loan allows you to do all the above while providing you with a low interest rate.
Bank of Queensland Line of Credit
The Bank of Queensland Line of Credit loan offers you a great loan package with many features. These features are:
- Borrowing conditions. With the Bank of Queensland Line of Credit loan you can borrow from $25,000 up to 90% of the property value. However, if you are unable to pay a 20% deposit you will have to pay a mortgage insurance fee on the loan.
- Repayment flexibility. The Bank of Queensland Line of Credit allows you to choose the way to pay your loan. You can choose between weekly, nightly or monthly repayments. The flexibility through this feature allows you to repay your loan in a way which suits how your income is paid to you.
- Repay what you like. With the Bank of Queensland Line of Credit loan you can only pay the interest that accumulates on your account if you would like. There is no commitment to pay the principal at any time on the loan as long as you stay under the agreed amount.
- Term of the loan. The Bank of Queensland Line of Credit has no fixed term of the loan. You can take as long as you want to pay off the loan or keep on borrowing money on the loan. You can keep on borrowing money on the loan as long as the total amount borrowed is below the amount agreed upon.
- Additional repayments. The Bank of Queensland Line of Credit loan allows you to make additional payments at any time. By paying extra on your loan repayments you will be able to reduce the amount of interest that is charged to the Bank of Queensland Line of Credit loan account.
- Fees. The fees that are charged to the Bank of Queensland Line of Credit loan account are:
- An application fee of $495
- And a maintenance fee of $10 a month. This fee will get you 40 free Bank of Queensland ATM withdrawals, cheques written and direct debit transactions per month on the Bank of Queensland Line of Credit loan account. For any additional withdrawal you will be charged $0.60.
Line of credit loans are a great option for a home loan if you would like to have access your money whenever you need it. This is especially handy if you are planning on doing renovations or plan on using large sums of money in the near future. The Bank of Queensland Line of Credit loan is a great line of credit loan that allows you get the home that you want and a loan with a flexible repayment scheme. The Bank of Queensland Line of Credit loan allows you to pay only the interest portion of the repayment if you would like and with no loan term you can take as long as you want to pay off the loan. In addition to the flexible repayment options, the Bank of Queensland Line of Credit loan has a variety of other features that allow you to save money on your loan. If you would like further information do not hesitate to contact us.
Read the official terms and conditions
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