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: Homepage >> Home Loan Products >> Webdeal Home Equity Loan
Webdeal Home Equity Loan
The Webdeal Equity Loan is ideal if you would like to convert
the equity you have in your current home into funds to use for other purposes
such as share investments, another property or even renovations to your existing
property.
The Equity Loan could be the perfect loan if you require:
- Access to equity in your own home
- Access to funds for wealth creation or personal purposes
- Self employed with fluctuating cash flow
| Loan amounts | $50,000 to $2,000,000 (minimum of $25,000 in combination or split. Higher loan amounts can be achieved by combining with other products). |
| Interest rate type | Variable rate only |
| Loan Term | Evergreen (no set term) |
| Repayment type | Interest Only. Interest can capitalise to 100% of loan limit. |
| Combination and splits | Can split up to 4 accounts (will consider more) or combine with Fixed Rate Loan or Advantage Rate Loan. |
| Repayment options | Direct Debit or Salary Crediting either monthly or fortnightly. Internet or telephone transfers from pre-nominated account for additional repayments. Deposit at Westpac, Challenge & Bank of Melbourne, via pre-encoded deposit slip. |
| Additional repayments | Unlimited . |
| Redraw facility | Chequebook with no minimum redraws via Internet or telephone banking to pre-nominated account . |
| Withdrawals | Chequebook and Internet or telephone transfers from pre-nominated account for additional repayments. |
| Salary crediting | Yes |
| Ability to Switch | Can switch all or part of loan limit to another product. |
| Frequency of Statements | Monthly |
| Deferred Establishment Fee | During year 1
1.00% of original loan amount During year 2 0.80% During year 3 0.60% During year 4 0.40% During year 5 0.20% Year 6 onward 0.00% |
| Other Fees | $595 Settlement fee
|
| Substitution | Can substitute security within loan limit. |
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