What's the difference between a line of credit and a standard home loan?
A standard home loan has a set time frame and repayment terms. For example, principal and interest repayments or interest only repayments. These usually need to be paid off within 30 years.
A line of credit is an approved limit of equity in your house that can be drawn on at any time. There is no set term to repay the equity and minimum repayments are just the interest and fees accrued. These are typically only approved for customers with a significant portion of equity in their home.