Line of Credit Loans

Line of Credit Loans for small businesses, professionals and individuals. Get the funds you need, when you need them.

What is line of credit?

A line of credit can be used for almost anything, including vacations, house renovations, and even a new car. The best part is that you just pay interest on the amount you've borrowed, rather than your total credit limit. You can usually get your money quickly by transferring it to a transaction account using internet banking and then paying for things with direct transfers or withdrawing cash from an ATM.

How does the interest rate compare?

While every loan is different, the convenience of a line of credit may cost a little more than a secured or unsecured personal loan. However, the rates are frequently competitive and can be better than those offered by many credit cards.

The variable interest rate is another factor to consider. Fixed-term loans give you the option of fixing the rate for more predictable repayments and loan costs. Lines of credit typically have a variable rate, but fixed-term loans provide you the option of fixing the rate for more predictable repayments and loan costs. A variable rate means that your repayments will change if the rate changes, which is something to consider before applying.

How MortgageBiz Process works

1. Information Gathering & Preparation

The key to a smooth approval process is preparation - so it's important to
give some prior thought to your individual circumstances, such as:

  • Your Income & Expense.
  • How much you've saved for a deposit.
  • Loan features that appeal to you. e.g. flexibility, access.
  • Your current and future lifestyle requirements.
  • The information and documentation you are required to provide.
2. Conversation With A Home Loan Specialist

It's now time to discuss your home loan requirements and
objectives with a Home Loan Specialist

This step is an opportunity to discuss:

  • Your ability to comfortably make loan repayments - we'll consider a range of factors including income, expenses and liabilities, and any foreseeable changes to your financial circumstances.
  • The purpose of the loan.
  • Loan types, features, costs, and risks.
  • Your future needs.
  • The information and documentation you are required to provide.
3. Applications

This is where you, together with your Home Loan Specialist, complete, sign, and date the home loan application form and submit all necessary supporting documents for approval.

4. Approvals

Once we receive your application and all required documentation, we will verify the information provided (to ensure it meets our credit policy and requirements) and undertake a credit check if it's required. We will also confirm any conditions on the loan, and, if necessary, undertake a valuation on the property and conduct any title searches.

Your Home Loan Specialist will advise of any additional information required. When formally approved, you will receive a call from your MortgageBiz Home Loan Specialist.

5. Documentation

This is when the home loan contract is issued. We recommend that you check all your home loan documentation thoroughly, before signing, dating, and returning it to us. Check that everything is signed correctly.

6. Settlement

Once all our requirements are met, the loan funds will become available to you. You or your solicitor will need to make arrangements for any settlement with the lender. MortgageBiz will be assisting you all thru the process.

Need some help?

Our experts will help you search, choose and settle your home loan online. Chat to one of our Home Loan Specialists at a time that suits you.