LOC lenders

[john doe]

Hi everyone,

I've just finished reading Margaret Lomas' "How to create an income for life". On page 153 (chapter 9) she describes and draws an illustration for a LOC loan product. Is this like St george's "portfolio loan"??? Which other lenders out there offer products like this where you can split your loan up???

Cheers

John

 

[Rolf Latham]

Hi JD

Most mainstream lenders have a true Line of Credit product.

They all have their features,benefits, and achilles heels, Porftolio included.

Rates below 6 % for limits > 250 k are not uncommon.

This type of product has been around since the mid 1980's and has been used and abused in many many forms. Like with all things do some thorough research because the cost vs benefit differentials for these products are spread wider than the normal type of term loan product.
Ta

Rolf