Resi Line of Credit Equity Home Loan
Resi Line of Credit Home Loan Benefits and Features
The Resi Line of Credit Home Loan is a flexible mortgage option for those home owners who want more access to their cash, plus the benefit of reducing the balance quickly.
The ability to draw out funds whenever you need them, plus the ability to pay funds into the account at any time makes this an attractive account for many people. You’re able to make your payments at any time that suits you, as long as the minimum interest due is paid on or before the due date on the statement.
In fact, a line of credit home loan can be used much like a regular transaction account. Your salary can be credited directly into the loan, which helps reduce the balance. Then you simply draw out money as you need it. This allows you to keep money sitting off your mortgage balance for longer, reducing the amount of interest you pay each month.
Featured Resi Home Loan
The Smart Option Home Loan offers you a super low rate fixed for 1 year, Plus no ongoing, no application fee.
- Interest Rate of 6.49%
- Comparison Rate of 6.99%
- Application Fee of $0
- Maximum LVR With LMI: 95%
- Minimum Borrowing: $50,000
- Maximum Borrowing: $20,000,000
Rates and Fees
The current rates and fees applicable to the Resi Line of Credit Home Loan are as follows:
| Fee Type | Interest Rate/Fee |
| Variable Interest Rate | 7.55% |
| Application Fee | $0 |
| Monthly Account Fee | $0 |
| Valuation Fee | $236.50 – $350 (depending on location) |
| Lender’s Legal Fees | >$396 |
Accessing Your Money
A line of credit offers plenty of flexibility when it comes to accessing your own money. You’re able to redraw amounts within the loan account at any time, using a linked cash card or debit card through ATMs. You can transfer funds into or out of your account using Resi’s secure online banking platform, or their phone banking system.
You can also request to have a cheque book linked to your account, if you wish to pay bills and other creditors this way.
How a Line of Credit Works
A line of credit mortgage isn’t like other mortgages. The repayments due each month are calculated so you only ever pay interest on your outstanding balance amount. You don’t actually need to make payments off the principal balance unless you want to. In fact, there are ways you could reduce your interest costs dramatically, simply by letting your own salary do all the hard work for you.
Your interest charges are calculated on the amount you owe at the end of every day. At the end of the month, you’ll see a total interest figure that will be the amount due as your payment for the month. That total figure is added up from all the totals throughout the month.
This means you can choose to have your salary or any other income you receive paid directly into your line of credit. This keeps the balance down until you need that money for other things, so you pay less interest overall.
Related posts:
- Resi Lo Doc Line of Credit
- How to use a Line of Credit or Home Equity Loan to Invest
- NAB Home Equity Line of Credit
- Line of Credit Equity Loans
- Line of Credit Equity Loans
- Resi Smart Pro Home Loan
- Resi Smart Option Home Loan
- Bank of Melbourne Portfolio Loan – Line of Credit Home Loan
- Resi Low Start Home Loan
- Resi Smart Pro Lite Home Loan
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 |
|
 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 |
|
 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 |
|
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