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All-In-One Line of Credit

The MyRate Line of Credit combines a nil interest Visa card (NIVA), no fixed loan term and interest-only minimum repayments.

This loan may be suitable if...

  • You are a homebuyer/investor after a low-rate fully-flexible loan package
  • You are after a loan with flexible transaction access but don’t want to reduce your borrowing power by keeping your current credit card
  • You are self-employed or make financial transactions very frequently

Using the Line of Credit

  • Split this loan with the Advantage Loan or Selective Loan to minimise your interest rate (allocating only the small portion you need to the Line of Credit)
  • Get your salary and all other income deposited into your Line of Credit
  • Use your MyRate nil interest Visa (NIVA) for all purchases, and to access cash out (an ATM fee of $2.00 applies for withdrawals under $200.00. Currency exchange and other fees may apply when using an ATM overseas.)
  • Each month, the income you deposited will automatically be credited to your NIVA balance, Line of Credit, Advantage Loan and Selective Loan as appropriate.

NOTE: If you already have a credit card (that you can pay off in addition to your MyRate loan) and don’t conduct many monthly transactions, you may not need a Line of Credit. In this case you could save more by getting the lower rate Advantage Loan or Selective Loan as the full facility and utilising unlimited free redraws and internet banking to achieve the same (see the Advantage Loan and Selective Loan page to learn more).

Contact us if you'd like to discuss these or other options that will minimise interest and maximise convenience.

All-in-One Loan features
Type of loan   Line of Credit
Low variable interest rate 5.65% p.a. (for loans over $600k - 5.55% p.a.)
Application fees* $0
Valuation fees* $0
Legal fees* $0
Settlement fees* $0
Ongoing/Monthly fees* $0
Redraw fees* $0
Deferred establishment fees $0
Full fee schedule We have done our best to minimise as many fees as possible.
View our full fee schedule and descriptions.
Minimum loan $25K if combined with other MyRate loans adding to at least $100K
Maximum loan $2M (can combine with other loan types to increase total borrowing)
Max LVR 95%
LMI Payable Usually applies if your LVR > 80% (see your loan consultant for details)
Splits/Combination yes
Interest Only Evergreen
Repayment frequency Fortnightly or monthly
Unlimited redraws* yes
Additional repayments* yes
Term Evergreen
Direct debit yes
Salary crediting yes
Deposit Book* yes
Cheque Book* yes
ATM/Eftpos* yes
Credit Card* yes
Internet/Phone Banking/BPay yes
Portable  yes
Statements Monthly
Product Info Sheet Download PDF
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how much can i borrow
MyRate Update
Thursday 8th January 2015

Borrow up to 97%?

MyRate can offer a 97% LVR on purchases including capitalised LMI. Available at 5.17% variable and comparison rate.

Enquire now to find out more.

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