Hi all,
Just got to thinking and would appreciate other people's input into this.....
A lot of ppl in this forum seem to favour a LOC facility to access excess equity in a property. Given that this facility attracts a higher interest rate as well as a monthly fee.......... what is wrong with just refinancing your property to 80% and repaying the amount back into it. Given that there is a redraw facility you can use these funds at anytime and it would be at your current variable rate with no monthly fees.
Isn't this better than a lOC or am I missing something
Just got to thinking and would appreciate other people's input into this.....
A lot of ppl in this forum seem to favour a LOC facility to access excess equity in a property. Given that this facility attracts a higher interest rate as well as a monthly fee.......... what is wrong with just refinancing your property to 80% and repaying the amount back into it. Given that there is a redraw facility you can use these funds at anytime and it would be at your current variable rate with no monthly fees.
Isn't this better than a lOC or am I missing something