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(now i feel dumb coz Im still no getting it) ok so, 50,000 * 5% / 365 * 30 = $1.02million I'm definitly missing something here... a loan of $50k over 5 years @ 5% interest = $943.5 per month this one seems more accurate, is it? And can you get a LOC were you only pay back interest? Mos...

ok still not quite with yas there. Ok, so if I had $50k equity, and I wanted to use that to buy a car for example, what would be my repayments? How would it affect my loan? And how would it affect the IP? Thanks for the replies guys

Hi Everyone, I have read the bank websites. And spoken to people at the banks. But still don't see why people use LOC. Can someone please tell m the advantage of LOC over a normal loan? I beileve that you have to pay the credit back, right? And how long do you have to have a loan for...