A Line of Credit provides a borrower with access to the equity in their home or investment properties whenever they wish for any worthwhile purpose.
It is similar to an overdraft facility in that funds can be withdrawn up to the original loan approved amount at anytime. The interest rate on a Line of Credit facility is usually a variable rate that fluctuates with the market.
A borrower can generally access their Line of Credit via a Cheque Book, Credit Card, ATM, Phone and Internet. A Line of Credit provides a borrower with easy access to funds ensuring peace of mind in times of need.
Other loan types you might be interested in