Line of Credit
Our Line of Credit Loan allows you to get the equity in your home or residential property working to your advantage. If you own your home and are looking for a line of credit or overdraft facility, then the Greater's Line of Credit Loan might be for you. It gives you the convenience and flexibility this type of product offers at an affordable “Home Loan Style” interest rate.
You have convenient access to your undrawn loan funds via any Greater branch, internet or phone banking, the ATM network Australia wide and EFTPOS* and via our personal cheque drawing facility. No Greater transaction fees apply - only a very reasonable $5.00 monthly facility fee.
Key Features & Benefits
- Unlimited access to your undrawn funds
- No Greater transaction fees
- Line of Credit Accounts can operate as a credit and debit facility
| Interest type & rate |
| Interest type |
Variable |
| Interest Rate |
From 7.15% p.a.
View interest rate schedule |
| Loan term |
| Loan Term |
Up to 30 years^
|
| Maximum amount |
90% of the value of the property being purchased or the security provided^ |
| Repayments |
| Repayment type |
Interest is capitalised until the credit limit is reached or exceeded.
When the credit limit is reached or exceeded repayments are then due immediately - and will represent the total amount by which the credit limit has been exceeded. (This is the minimum repayment due at that time).
|
| Repayment frequency |
When your credit limit has been exceeded repayments will be due on a monthly basis.
You may choose to satisfy your monthly repayments by making weekly, fortnightly or monthly payments.
|
| Extra repayments |
Yes |
| Early repayment |
Yes |
| Redraw |
Yes |
| Fees & Charges |
| Application Fee (financed) |
$500.00 |
| Annual Fee |
Nil |
| Monthly fee |
$5 per month |
| Other Features and benefits |
| Free Holiday |
No |
Account Free of
Greater Transaction Fees |
The line of credit account is free of Greater Transaction Fees |
| Split Loan |
Yes |
| Loan Offset |
No |
| Free Internet Banking |
Yes |
| Free Phone Banking |
Yes |
How it works
Subject to our normal lending criteria, we’ll approve a credit limit that you can access on an ongoing basis. As you make payments you can continue to redraw funds up to your approved credit limit – it may be the last loan you’ll ever need.
You are not required to make repayments until you have reached your Credit limit. Once you have reached your Credit limit we require a repayment which represents the total amount by which the credit limit has been exceeded. If you choose to make more regular payments to your loan, it immediately increases the amount available to redraw.
^ This may vary depending on the type and location of any security property.
* Cash withdrawal facility is not available in conjunction with a Visa Credit Card
** Transaction fees and an $8.00 monthly facility fee apply if the loan is used for Business purposes.
