Our Line of Credit provides fast and convenient access to extra funds when you need them.
Similar to an overdraft, a Line of Credit works like an emergency fund that you can access directly through your Savings Account.
Main Features
- Weekly, fortnightly or monthly repayments.
- Additional repayments accepted.
- No maximum loan amount.
- Ongoing loan term.
Interest
Calculated daily and charged monthly in arrears.
Repayments
- A minimum monthly repayment of 5% of the outstanding balance or $20 (whichever is greater).
- Funds can be transferred at any time to reduce the outstanding balance and reduce the interest charged to the account.
- Automatic repayments can be set up to pay the full balance of the Line of Credit or the minimum monthly payment.
Security
This loan is typically unsecured.