Browse Forums Home Finance 1 Dec 11, 2008 8:01 pm Has anyone got the Commonwealth bank line of credit mortgage?
We are thinking of getting one but the fees seem a little high, for instance unless I have misunderstood it costs you $2 just to check your balance at an ATM!!! Can anyone offer some real-life experience of this loan? Thanks JB Re: Does anyone have Commonwealth Bank line of credit? 3Dec 12, 2008 4:40 am zergling free wdl via cba atm, $2 only if you wdl from other bank atm and do transaction listing via atm. Ah. Thanks. Luckily our local bank is CBA. Re: Does anyone have Commonwealth Bank line of credit? 4Dec 12, 2008 2:07 pm James Bond Has anyone got the Commonwealth bank line of credit mortgage? We are thinking of getting one but the fees seem a little high, for instance unless I have misunderstood it costs you $2 just to check your balance at an ATM!!! Can anyone offer some real-life experience of this loan? Thanks JB james, check this earlier post on this very topic https://forum.homeone.com.au/viewtopic.p ... ht=#117641 I can't help ask why line of credit? Re: Does anyone have Commonwealth Bank line of credit? 5Dec 12, 2008 3:00 pm thlo I can't help ask why line of credit? Because it's easy. We have assets we can borrow against, we are owner builders, and we don't want to have to get bank approval at each stage of the build. We investigated a construction loan, and the hoops we had to jump through with their associated costs in order to comply with requirements meant the bank had much more control than I wanted it to have. This is much simpler. We decide when to release funds to ourselves. JB line of credit home loan, construction loan 6Dec 12, 2008 3:24 pm In case you didnt get a chance to read the ealier post.
Quote: Did you know that you can have the same function in any home loan by setting it up as Interest Only. You can capitalise interest and stop making repayments as long as you have the equity and the limit available in your home loan. Interest capitalisation is the feature that does this for you, not the home loan product with the higher interest rate (and fees) and the brand name with EQUITY in it. I suppose EQUITY sounds really good, secure and positive. I am not surprised bank staff didn't tell you this. In a Line of Credit home loan, the bank can charge you a healthier margin for the nicer brand name. I have customers who have used any old low rate home loan in this way for years. Re: Does anyone have Commonwealth Bank line of credit? 7Dec 12, 2008 3:49 pm Commonwealth is trying to get me to look at the line of credit facility but the fees were a lot higher.
I just figured I'd borrow heaps and just draw down what I need when I need it. That way I'm only paying interest on what I'm using. Thats my way anyway - but then I'm fortunate enough to have the equity to do that. Building Upside down house in Wantirna VIC Current Stage: Procrastination... it's just all too hard.... Blog: http://thereluctantbuilder.blogspot.com/ Re: line of credit home loan, construction loan 8Dec 12, 2008 10:11 pm thlo In case you didnt get a chance to read the ealier post. Mmmm yes OK maybe I have not understood something. How do I qualify for "any old home loan" if I don't have a home to borrow against, just a piece of vacant land? Thanks JB Re: Does anyone have Commonwealth Bank line of credit? 9Dec 12, 2008 11:51 pm if you have assets you can borrow against you can borrow as a home loan. Ask the lender to put loan funding in your home loan redraw so you wont have to pay int. until you use it. You can slowly draw from the redraw at each stage of construction. Look into wealth package cos there are other benefit such as no est. fee, no mthly fee, no annual fee on your gold credit card and up to .70% off your variable int rate. Re: line of credit home loan, construction loan 10Dec 13, 2008 12:50 am James Bond thlo In case you didnt get a chance to read the ealier post. Mmmm yes OK maybe I have not understood something. How do I qualify for "any old home loan" if I don't have a home to borrow against, just a piece of vacant land? Thanks JB You qualify for any type of home loan just like you do for a line of credit. There is no difference. the word home in home loan may be misleading. We'll use the word mortgage to avoid confusion. When you are applying for your line of credit mortgage, just tell them you want the cheapest ongoing rate loan as interest only as it is cheaper. you can borrow upto 95% of the value of vacant land, probably 90% if set up as interest only. Re: Does anyone have Commonwealth Bank line of credit? 11Jan 07, 2009 7:41 pm we have one of those wealth packages we are getting a line of credit we get that at a reduction. We are putting in a inground pool finished building 40 square home on 5 acres with perry homes.working on the landscaping just finished pool deck with ://forum.homeone.com.au/viewtopic.php?f=31&t=2217 no deposit home loans for first home buyers in sydney 12Jan 15, 2009 2:43 pm yvette72 we have one of those wealth packages we are getting a line of credit we get that at a reduction. We are putting in a inground pool yes, you do get the standard rate reduction because of the large annual package fee, but the line of credit home loan rate earns a higher margin for the bank. In most cases you can set a standard home loan up as interest only for the same benefit with a lower interest rate. Money is best left in your pocket that way. Re: Does anyone have Commonwealth Bank line of credit? 13Jan 21, 2009 7:39 pm i am sorry thlo but I have to disagree with you on this one finished building 40 square home on 5 acres with perry homes.working on the landscaping just finished pool deck with ://forum.homeone.com.au/viewtopic.php?f=31&t=2217 Re: Does anyone have Commonwealth Bank line of credit? 14Jan 21, 2009 7:41 pm thanks for your comment ,even though I didnot ask for one finished building 40 square home on 5 acres with perry homes.working on the landscaping just finished pool deck with ://forum.homeone.com.au/viewtopic.php?f=31&t=2217 Re: Does anyone have Commonwealth Bank line of credit? 15Feb 17, 2009 6:47 pm Hi,
The rate reduction have made great changes in the society. The society has improved its infrastructure. joe Finance Loans I am building in claymore NSW and this is shown in the building envelope plan. … 0 10039 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11934 4 10824 |