What is a line of credit?
A line of credit is an approved limit of equity in your house that can be drawn on at any time. Access to the funds can be done through a variety of methods including credit card, cheques, or EFTPOS.
There is no set term to repay the equity and minimum repayments, just the interest and fees accrued. Lines of credit are typically only approved for customers with a significant portion of equity in their home.