"Line of Credit" - here's how it works ...
All income is directed into your account reducing your balance. In conjunction with the home loan all expense are made on your 55-day interest free Visa card. This enables you to maximise your income to reduce your home loan. At the end of the interest free period the Visa card is automatically paid from your home loan.
This account is an "all in one account" with EFTPOS, ATM, cheque, and secure electronic Internet banking access.
Mortgage eliminator is a home loan facility, which is a constant revolving line of credit account. Your entire salary goes in, thus reducing the balance and the amount you are paying in interest. Your daily expenses are paid for by your 55-day interest-free Visa card.
Each month one payment is automatically taken from your account to cover all of the expenses incurred on the Visa, thus helping to pay off your mortgage sooner. The greater the difference between your expenses and your cash flow - the greater the effect of paying out your home sooner.
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For First Home Owners, Owner Occupied and Investors |
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Up to 95% of value of property (in all major centers Australia wide) |
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25 year term |
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Up to 55 day interest free visa card |
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Automatic Sweep facility on visa card |
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Direct Salary Crediting |
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Telephone & Internet banking |
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BPAY facility |
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Cash advances and withdrawals can be made at over 2700 post offices, over 6000 ATMs & 8500 EFTPOS outlets Australia wide |
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Loan is portable from one security property to another |
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Sub accounts available or it can be split with our other home loans |
