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MyRate All In One Line of Credit
Posted July 22nd, 2010
and last modified February 2nd, 2012Line of credit loans are very handy if you would like to draw money on short notice at times. Line of credit loans generally attract a higher interest rate but this is offset by the flexibility of the loan.
Features of the All-In-One Line of Credit
The All-In-One Line of Credit loan is a great line of credit loan with additional features. Most line of credit loans offered by providers are limited to the features they offer. These features are:
- No standard fees to save you money. To help save you money the MyRate All-In-One Line of Credit has no:Application fees; Valuation fees; Legal fees; Monthly fees and no redraw fees.
- Low deferred establishment fees. The deferred establishment fees will be charged at a rate of 1% of the original loan amount for the first year of the loan. For each subsequent year deferred establishment fees will drop by 0.20% until you reach the sixth year of your loan. From then on there are no deferred establishment fees. You will not be charged deferred establishment fees if you pay your loan and don’t discharge your property from the loan.
- Borrowing term and limits. Using the MyRate All-In-One Line of Credit you are able to take as long as you want to pay off your loan. There are no payment deadlines. Further more you are able to borrow between a minimum of $25,000 to a maximum of $2,000,000.
- A 100% interest offset account. The 100% offset feature allows you to deposit your wage or saving into an account which is link to the loan. While having complete access to the funds in the account the total amount will act as a deduction on the loan for the purposes of calculating interest. Therefore, this feature allows you to reduce the total amount of interest charged on the account while still having complete access to the funds.
- Split payment option. You can split you MyRate All-In-One Line of Credit with the MyRate Advantage Rate loan to take advantage of all the features available. You can choose to allocate a small part of the loan to a MyRate All-In-One Line of Credit so you can take advantage of the interest offset feature and have the rest of the loan subject to the conditions of the MyRate Advantage Rate loan.
- Unlimited redraw facility. The MyRate All-In-One Line of Credit loan allows you to make additional repayments at no extra cost. In addition to the benefit of paying less interest you can also redraw these extra funds at anytime for no extra cost. This may allow you to take advantage of other investment opportunities that may arise or just assist you during times when you may need extra money.
- The loan is portable. The All-In-One Line of Credit loan is a portable loan meaning you can move the loan to a new property if the opportunity arises. This is handy if you have a very good interest rate or loan package and would like to move the loan to another purchase to keep your current deal.
The MyRate All-In-One Line of Credit loan offers you line of credit loan while adding more features that may be available with other providers. These features can help you save money over the term of you loan and help you get what you want faster. You can contact Home Loan Finder now to discuss your eligibility and suitability to a line of credit loan.
| Minimum Loan Amount | $25,000 | |
|---|---|---|
| Maximum Loan Amount | $2,000,000 | |
| Maximum LVR | 95% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | No | |
| Split Loan Facility | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Variable | |
|---|---|---|
| Interest Rate | 6.80% | |
| Comparison Rate | 6.70% | |
| Repayment Type | Principle & Interest | |
| Repayment Frequency | Weekly | |
| Extra Repayments | Yes |
| Application Fee | $0 | |
|---|---|---|
| Legal Fee | $0 | |
| Valuation Fee | $0 | |
| Service Fee | $0 | |
| Settlement Fee | $0 | |
| Exit Fee | $250 |
Top Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
 
|
 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
|
 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
|
 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded Mortgage of the Year 2012 – this multi-award winner features 100% offset and a loyalty 0.25% rate drop after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
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