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 UsThe 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 |
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.
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.
To hold this product customers will need to satisfy eligibility criteria, including that the customer must:
The Line of Credit Loan is designed for customers who require Credit for any of the following purposes:
This loan is not intended for everyday expenses, managing cashflow or replacing a Reverse Mortgage.
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.
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.
The ‘servicing period’ is when you make interest-only payments on your loan, up to a maximum of 10 years.
The ‘repayment period’ is the time frame within which you must repay the full loan balance meaning the principal + interest.
The Loan-to-Value Ratio (LVR) is based on the equity in your property, which is the difference between your home’s market value and any existing loans you owe.
The house value determines your available equity, which in turn affects how much you can borrow through your Line of Credit.
Yes, your Line of Credit (LOC) is secured against the equity in. It’s available to both new and existing customers who meet the necessary equity and credit requirements, so you don’t have to be an existing customer of SCCU to apply for a LOC.
Yes, you can cancel your Line of Credit at any time. However, keep in mind that if don’t fully use your approved credit limit, an unused limit fee of 1% will apply to the remaining undrawn amount. This fee is calculated annually but charged monthly, based on the number of days the funds remain unused. Refer to our Schedule of Fees & Charges to understand your responsibilities.
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.
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.
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.
Years of age
Australian our NZ resident
Confirmed employment
If you'd like a little extra help, call our team on 1300 360 744.
