Line of Credit facilities for businesses can be used in a similar manner to a traditional Overdraft.
They enable access to equity within a property to assist with investing and providing working capital / funds to assist run a business.
Similar to Overdraft facilties, a formal limit is established enabling you to draw up to this limit at any time. When funds are credited into the facility, the balance naturally reduces, once again enabling you to draw up to the limit as required.
A Line of Credit facility can help save your business time and money by providing a more effective way to manage your business expenses and payments.
They can be secured by either residential or non specialised commercial properties.
A Line of Credit can help you build your wealth by making the best use of the equity in your existing property and allows you immediate access to funds so you can take advantage of any business opportunities as they arise.
Interest is calculated on the daily balance of the facility and is charged monthly.
Accessing funds from a Line of Credit is the same as an Overdraft facility and includes the issuing of cheques, ATMs, EFTPOS, Internet/online account processing and giroPOST.
Refer also to the information contained within the Overdraft section.
