Line of Credit
There may be a time in your life where you will require a large sum of cash relatively quickly. Perhaps you have emergency medical expenses or want to do a home renovation. Perhaps you want to utilise the equity in your own home as a deposit for an investment property. Whatever the reason, there will be times when borrowing money is inevitable. In this situation, if you have a reasonable level of equity in your home, you could consider a line of credit home loan.
Line of Credit functions in a similar way to a credit card. You have a pre-approved credit limit and you can borrow as much of this sum as you want, with interest paid on the outstanding balance.