Collins Securities Balanced Line of Credit

A line of credit mortgage is, in its most basic sense, an interest only revolving facility secured against the equity in your home. While it may technically be a standalone mortgage, sometime called a home equity loan, where a line of credit is used as a day to day financial management tool, it operates in much the same way as does an offset savings account attached to a home loan or a home loan with a redraw facility. A Collins Securities Balanced Line of Credit is mortgage that is suited to home buyers who are looking for an all-in-one answer to both their general day to day financial management needs, as well as the financing of the buying of their home.

Credit card like convenience of a Collins Securities Balanced Line of Credit mortgage

A Collins Securities Balanced Line of Credit home loan includes in its features the convenience of having a credit card in which the equity in your own home is the security for any money withdrawn from the account. You will be able to access funds from your line of credit at any time of day or night seven days a week through an ATM or EFTPOS. You will also be given a cheque book and your deposits will be controlled by you using just one convenient account.

A Collins Securities Balanced Line of Credit home loan will allow you to capitalize interest as it operates in a manner that is much the same as you using a bank overdraft limit. The big difference being, you will have a much lower interest rate to contend with, as well as fewer fees, that most banks charge on top of everything else.

Collins Securities balanced line of credit mortgages are repaid at a variable interest rate, normally with principal also included but you can arrange to pay interest only from one to 10 years at 90 percent loan to valuation ratio (LVR) if that suits your particular circumstances better. The home loan is available Australia wide and it does allow for LMI capitalization. Standard residential first mortgage security is acceptable over a maximum loan term of 25 years if required. The minimum amount of money loaned via a Collins Securities balanced line of credit mortgage is $20,000 but such loans are available to finance properties up to a value of $2,000,000. The maximum LVR on all properties no matter what value the respective property may be is 95%. It is therefore a home loan particularly suited to individuals, the self employed or companies and trusts, whether they wish to purchase an individual property, buy a property for investment purposes, or wishing to refinance for any reason whatsoever.

Collins Securities balanced line of credit home loan management features include online account management where you can access your account 24 hours a day seven days a week, whenever it suits you. Redraw availability is available via Visa card access through ATM or EFTPOS, Bpay or cheque book. You can make repayments by paying interest and principal, or principal only if you would prefer for a period ranging from one to 10 years. You will also find that you will be able to make any additional payments into the account whenever you are able to do so and as frequently as you wish. The regular repayments can be arranged to be made weekly, fortnightly or monthly, whichever suits your particular lifestyle best.

Collins Securities Balanced Line of Credit fees and charges

The Online Redraw Facility is free with a Collins Securities balanced line of credit home loan but there are other fees to take into consideration. These are:

• An application fee of $600.
• A settlement fee of $275.
• A loan processing fee of $150.
• An annual fee of $150.
• There is also an early repayment fee.

How to apply for a Collins Securities Balanced Line of Credit home loan

There are many ways to apply for a Collins Securities balanced line of credit home loan but the easiest and simplest is to apply online by downloading the Account Application Form. This form has been especially designed to be easily filled out online and saved to your desktop, or if you prefer, to be linked into at your convenience. To do so however you will need the latest version of Adobe Acrobat.

Once Collins Securities receive your application, you will be contacted by a relationship manager who will discuss your needs and financial ambitions with you. This is done in order to be able to determine which features of a Collins Securities balanced line of credit home loan would suit you best and which would not.

A Collins Securities Balanced Line of Credit is a form of revolving credit in which your home serves as collateral. Because a home is often your most valuable asset, consider credit lines only for major items, such as education or home improvements and you should come out ahead.

Read the Collins Securities Line of Credit terms and conditions.

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