We’re all very used to using credit cards, these days, but they’re not always the best option. If you have some equity in your home, a line of credit home loan may be your best bet.
You can use a line of credit to pay for virtually anything – from renovations to holidays, investments to new cars. Instead of paying with a credit card, you either use a debit card that’s linked to your line of credit home loan account, or you pay direct from your account with online banking.
Each time you spend using your line of credit, your loan amount increases. But unlike a credit card, you don’t get hit with big interest charges. You pay low home loan interest rates, so it doesn’t get out of hand.