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This loan provides you with access to the equity in your home or investment properties.You are given a credit limit secured against your property, and when you need funds, you draw against that limit.As you pay back the loan, the money becomes available to you again. The interest rate on a line of credit loan is usually a variable rate and repayments are interest only.

Advantages:

  • You have ready access to money as long as the balance doesn’t exceed the approved limit.
  • You can make repayments as you see fit.
  • Rates are generally lower than a personal loan or credit card.

Disadvantages:

  • Unless care is shown it is possible to reduce the equity you have built in your home.
  • Requires disciplined borrowers to ensure that overtime the principal of the loan is reduced.
  • Can cause confusion at tax time if funds are drawn for personal purposes.

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