Line Of Credit

*Loan Purpose

Owner-occupied, investment or business purpose permitted.

Split facility

Four separate loan accounts under one facility, each with loan statements.

Maximum loan amount

$750,000 as a stand-alone facility.
$2,500,000 if taken in combination with a standard account.

Minimum loan amount

$100,000

Minimum account split

$5,000 if part of a split facility.

Loan term

30 years.

Repayments

Interest-only for the first 15 years (called the revolving credit period). Reverting to principal and interest for the remainder of the term.

Interest rate

Variable. If required, all or part of the loan can be converted to fixed rate for no cost at the end of the 15 year revolving credit period.
Currently: 8.95% pa

Repayment method

Loan repayments can be made by direct debit or direct salary credit.
Instalments can be made weekly, fortnightly or monthly.

Voluntary repayments

Additional repayments on variable rate loans may be made at any time.

Portability

Substitution of security property is available. Restrictions may apply at any time.

Ongoing fees

No monthly administration fees or early repayment fees for variable rate loans.

Loan statements

Monthly statements during the revolving credit period, reverting to 6 monthly for the remainder of the term.
Interim statements are issued on request, free of charge.

Drawdown facility

For variable rate, available as required and the minimum redraw is $50 when accessed over the phone of via the internet.

Online services

The Loan Service Net enables borrowers to view and transact on their loan.
The Loan Service Line enables borrowers to transact on their loan via the phone.

MasterCard & Chequebook access

MasterCard access for purchases and free ATM access to cash (selected ATMs only) all at line of credit rates.

Cheque book access option available

stand alone Maximum LVR

$30,000 - $750,000
$750,001 - $1,000,000

90%
85%

*Please note this information applies to existing API Home Loans only, please contact us on 1800 010 800 to discuss refinance or new Line Of Credit loan options.