Ready to activate your equity?

Ready for a smarter way to access your home’s equity? Our Line of Credit Loan puts you in charge, giving you access to funds when you need them – whether it’s for purchasing shares or investing in new opportunities.

With a competitive variable rate and the freedom to borrow up to 80% of your value up to an amount of $1M, you’re in control from day one. Withdraw, repay, and redraw at your pace – with interest only charged on the funds you use.

And with easy access through NetBanking and our Mobile App, your finances are right where you need them: at your fingertips.

Contact Us

Why Choose Our Line of Credit Loan?

Flexible repayments

Make repayments your way – just keep your outstanding balance within your approved limit.

Flexible repayments
Easy online access

Tap into your funds anytime through NetBanking or the Mobile App.

Easy online access
Only pay for what you use

Interest is only charged on the funds you draw, not your full approved limit.

Only pay for what you use
Talk to real people

Visit a local branch, give us a call or message us via our app to experience customer service with a personal touch.

Talk to real people
Line of Credit (I.O.)
7.98
%
P.A
Variable Rate
Line of Credit (I.O.)
  • Competitive variable rate
  • Borrow up to 80% of your property’s value up to an amount of $1M
  • Only pay interest monthly on the amount you use
  • Make repayments or draw on the principal as you like over a 10-year period, as long as you stay within your credit limit.

The Loan Details

Your Options
Loan Amount
$20,000 to $1M
Maximum Loan-to-Value Ratio (LVR)
Up to 80%
Repayment Options
Interest Only
Interest Rate
Variable Rate
7.98%p.a.
Comparison Rate
N/A
Fees & Charges
Establishment Fee
$699
Monthly Fee
$30
Unused Limit Fee
1%p.a. charged monthly
Your Options

The Loan Details

Loan Amount
$20,000 to $1M
Maximum Loan-to-Value Ratio (LVR)
Up to 80%
Repayment Options
Interest Only
Interest Rate

The Loan Details

Variable Rate
7.98%p.a.
Comparison Rate
N/A
Fees & Charges

The Loan Details

Establishment Fee
$699
Monthly Fee
$30
Unused Limit Fee
1%p.a. charged monthly
  • The Little Details

    Products issued by Southern Cross Credit Union Ltd. Any advice given is of a general nature only and is not based on any consideration of your objectives, financial situation and needs. To decide if a product is right for you, please refer to the Summary of Accounts, Access Facilities and Transaction Limits. Eligibility criteria, fees and charges, terms and conditions apply. To help you better assess if these products are right for you please reach out to our team or read through our Target Market Determinations (TMD), designed to help you make an informed decision that is consistent with your objectives, financial situations and needs.

    All rates available for new business only and are subject to change without notice. Credit eligibility criteria, terms and conditions, fees and charges apply and may change without notice.

    Southern Cross Credit Union Ltd ABN 82 087 650 682 Australian Credit Licence 241 000.

Applying for a Line of Credit Loan

All our Line of Credit applicants must obtain independent legal and financial advice. When you’re ready, simply call us on 1300 360 744 and our team will walk you through the application.

Once your application is submitted, our Lending Specialists will undertake their assessment to see if you are eligible.

Eligibility Criteria

To hold this product customers will need to satisfy eligibility criteria, including that the customer must:

  • Be an individual aged 18 years and above;
  • Be an Australian citizen or permanent resident of Australia;
  • New Zealand citizens can be considered under a mortgage secured basis only, but must be residing in Australia and declaring income to the ATO;
  • Have an Australian residential address;
  • Meet SCCU credit assessment criteria which includes demonstrating the capacity to make required repayments on the loan without substantial hardship;
  • Provide sufficient property as security in accordance with SCCU’s credit assessment criteria,; and
  • Have building insurance with SCCU noted as an interested party to a minimum amount equal to the building value.
  • Important Quick Facts

    A Line of Credit Loan is available to those who are able to offer a residential owner-occupied property to secure the loan up to a maximum amount of $1M not exceeding a loan to value ratio level of 80%.

    The Line of Credit Loan is designed for customers who require Credit for any of the following purposes:

    • Purchasing shares and investments; and
    • Other personal investment purposes

    This loan is not intended for everyday expenses, managing cashflow or replacing a Reverse Mortgage.

Calculators

How much could you access with a Line of Credit?

Use our simple Borrowing Power calculator to estimate how much you could borrow.

Just provide some basic details about your income, expenses, and the value of your property, and we’ll do the rest to give you a clear picture of your potential borrowing power.

Want to explore your options further? Check out our other helpful calculators to get a better understanding of home loans, repayments, and more.

Calculate Now

Things to Consider

Interest-Only Payments – While you’re only required to pay the interest for up to 10 years, remember that the principal will still need to be repaid within the loan term.

Unused Limit Fee – If you don’t use your full credit limit, a 1% fee will apply to any unused funds on an annual basis, charged monthly.

Topping Up – You may be able to increase your credit limit, but this will depend on your circumstances and the available equity in your property.

Not for Renovations – This loan is not suitable for home improvements or renovations. It’s designed for investment purposes, such as personal investments or buying shares.

Your questions answered.

  • How can I top up my Line of Credit, and what is it based on?

    You may be able to top up your Line of Credit if you have enough equity in your home. The top-up amount is based on the value of your property and the outstanding balance of the loan. If you’ve repaid part of the LOC and have sufficient equity, you may qualify for a higher limit.

  • How is the unused limit fee calculated for my Line of Credit?

    The unused limit fee is charged at a rate of 1% per year and charged monthly on the unused portion of your approved credit limit. For example, if your approved limit is $1 million and you’ve only used $500,000, the unused fee is calculated on the remaining $500,000, which would equate to an annual fee of $5,000.

  • What's the difference between a reverse mortgage and a line of credit loan?

    Line of Credit Loan: Suitable for those needing flexible access to funds with the ability to manage repayments (e.g., property investors, business owners).

    Reverse Mortgage: Best for retirees, aged 70 and over, who need additional income but don’t want to sell their home. It offers a way to access the equity in their home as a loan – without the need for regular repayments.

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Shane provided amazing customer service from start to finish. He was extremely knowledgeable, respectful, and attended to every detail of the process with thoroughness and professionalism. This kind of customer service is almost unheard of these days, so it was an absolute delight to work with Shane. The interest rate on my company car was fantastic and the terms of the loan were both fair and reasonable. I 100% recommend Shane and Southern Cross Credit Union for obtaining financing for a vehicle and wouldn't use anyone else for my business going forward. Thanks to Shane and his team!
Joanna Tedeschi
Previously we were not advocates of the banking industry, we were strong non-believers after some disappointing & negative experiences. Many locals referred us to Southern Cross Credit Union (SCCU) and after much encouragement we moved our banking business to the SCCU Tweed City Branch. We are now strong believers as we have been in the extremely efficient, effective and supportive hands of SCCU loans manager Stephen Distant. What an asset! Stephen has totally reframed our banking experience, we are genuinely impressed with his ability to do this by managing our loans. Even after many years as a SCCU client, Stephen's dedication with helping us has not died down, his loyalty remains nothing short of inspiring and his willingness to provide outstanding customer service is something we are in awe of. Moving our accounts to SCCU was a great decision, thanks to Stephen Distant.
Rod and Suzy Cornelius
As COVID hit some 3 years ago, I approached SCCU to re-align our financial position at both a personal and professional level with our business. Not only were your team receptive but with the assistance of SCCU not only did we make our way through COVID closures, but due to the support of SCCU we have evolved into an extremely sound business, and I would suggest a success story of the community banking that SCCU continues to deliver.
Thank you for the support you offer to us as a local business and us as a local family of the area. Thank you, the entire team, at SCCU for being such an awesome part of the community whilst also being a great business to align with.
Jason