What is a Line of Credit and how does it work?

Our Line of Credit could help you take advantage of the equity in your current property. Whether you’re renovating, thinking of investing or just want more flexibility. It might just be the last loan you ever need.
Line of Credit Home Loan | Interest rate |
---|---|
Variable | 5.35% p.a. |
Ultimate Line of Credit Home Loan | Interest rate |
---|---|
Variable | 4.65% p.a. |
Establishment fee | $500.00 |
Monthly facility fee | $10.00 |
Settlement processing fee | $180.00 |
Government registration fees apply? | Yes |
The above are a selection of our fees only. Additional Fees and Charges may apply. For further information please view the Home Loans Terms and Conditions and Lending Products Product Schedule.
Anyone can apply for a Line of Credit Loan, provided that you are:
A loan is a sum of money lent to a borrower in full. The borrower receives a lump sum to complete their purchase, and the loan is then repaid in installments, or repayments, over an agreed length of time.
A line of credit is different in that a borrower recieves access to an agreed credit amount, like a credit card. The borrower can use their line of credit to make purchases, and then makes repayments only on what they have spent.
Use one of our lending calculators to find out:
Greater Bank offers a number of ways for customers to kick-start what will surely be one of life’s most exciting experiences – buying a home.
You can start a conversation with Greater Bank today by
Pay extra on my fixed rate home loan without a penalty?
You can make additional payments during a fixed period on Principal and Interest and Interest Only loans but a pre-payment fee may apply.
You can make extra repayments up to 5% of your original loan amount before there is any chance that a prepayment fee may apply.
Pre-payment fees don’t apply to an extra repayment on a variable rate home loan.
Yes.
At Greater Bank, we know sometimes it's hard for you to visit us when applying for a home loan, so we will come to you. Our experienced Lenders can visit you at home or work, at a time that suits you. Whether you’re considering a new home loan or swapping your current home loan to Greater Bank, our Lenders are here to help make your life greater.
Get in touch with a Mobile Lender near you - Find a lender
Our friendly staff are happy to help with all your banking needs. Find a location near you across NSW and South East QLD.
Our mobile lenders are more than happy to come to you. Find a lending expert close to you and request a callback today.
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Monday to Friday 8:00am – 6:00pm AEST.
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Conditions, fees and charges apply to all loans. Subject to meeting Greater Bank's lending criteria. Greater Bank Limited ABN 88 087 651 956. AFSL/Australian credit licence No. 237476.
^Comparison rate is based on $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
#Discounted rates include a discount on Home Loans of $150,000 or over and Home Loans with an LVR 80% or below and apply to new borrowings only. Discounted rate not available for Line of Credit facilities.
+Additional costs may apply if your loan has a fixed rate.
All new interest-only home loans, attract a 0.10% p.a. margin above the applicable Principal and Interest base rate. All new Line of Credit home loans, attract a 0.10% p.a. margin above the applicable Line of Credit base rate. The all-up interest rate which includes any margins, will be set out in your credit contract. View our Terms and Conditions.