Equity Loans
Equity loans are often referred to as revolving lines of credit. These facilities differ from a traditional loan in that they are an interest only facility and only require repayments to keep the loan balance under the approved limit.
These loans allow the borrower to gain access to the equity in a property for personal or, in some cases, business purposes without the need to apply to a lender for a new loan on each occasion. This can save time, expenses & the inconvenience of having to provide the lender with up to date financial, salary and personal information.
Equity loans are a very flexible product and are particularly suitable to the investor who is looking for quick access to funds for investment, property deposits or purchases or everyday personal living expenses. Most equity loans provide access to your funds via cheque, credit card, telephone account processing or over the internet.
Some common features of Equity loans are:
- Access via credit/savings card
- Cheque access
- Internet access
- Flexibility
- No minimum /maximum deposits/withdrawals
- Salaries can be direct credited
- Regular deductions can be made
- Funds are available at call
- Some financial institions will also pay credit interest on any credit funds held in the account
