Hi,
Does anyone know if the LOC product from Aussie home loans has the correct 'mechanics' behind it to debt recycle on an existing PPOR?
The reason I ask is that I made enquiries into getting one set up and was given the impression that the loan did not automatically increase the LOC amount as the non deductable portion of the loan is paid down. It was quite frustrating - spoke to three people and they didn't seem to know too much about their product. I felt after my discussion that the LOC product was just a normal loan with redraw available and a cheque facility - all yours for an additional 0.2% interest rate. I am sure I have got something wrong here and was hoping someone could enlighten me.
If anyone currently uses their LOC product I would be curious to know if it does operate as a normal LOC loan in that you can access funds that have been paid on the loan through the LOC? Also if the statements are kept separate?
Thanks,
Boomer.
Does anyone know if the LOC product from Aussie home loans has the correct 'mechanics' behind it to debt recycle on an existing PPOR?
The reason I ask is that I made enquiries into getting one set up and was given the impression that the loan did not automatically increase the LOC amount as the non deductable portion of the loan is paid down. It was quite frustrating - spoke to three people and they didn't seem to know too much about their product. I felt after my discussion that the LOC product was just a normal loan with redraw available and a cheque facility - all yours for an additional 0.2% interest rate. I am sure I have got something wrong here and was hoping someone could enlighten me.
If anyone currently uses their LOC product I would be curious to know if it does operate as a normal LOC loan in that you can access funds that have been paid on the loan through the LOC? Also if the statements are kept separate?
Thanks,
Boomer.
