Draw as you need
Access funds when costs arise, rather than taking a lump sum upfront.
FLEXIBLE ACCESS TO YOUR EQUITY
Line of credit home loans in Brisbane.
Funds when you need them.
Interest only on what you use.
A line of credit is a revolving facility secured by your home. Draw funds up to a set limit for planned costs, emergencies or investments, and pay interest only on what you’ve drawn. We compare limits, fees and redraw terms across our lender panel. Personal guidance from Ausfirst Lending Group’s mortgage brokers in Brisbane and on the Sunshine Coast.
Excellent · 35 Google reviews
Flexibility, with discipline.Let’s see if it suits you.
DRAWrepay,
redraw.
redraw.
40+Lenders on our panel
30+ yearsRichard’s broking experience
$0Broker fee for home loans
Local careBrisbane & Sunshine Coast
HOW IT WORKS
Like a credit card,
secured by your home.
Once approved, you can withdraw up to a set limit, repay and redraw again. Because it’s secured by your property, rates are generally lower than credit cards or personal loans.
Pay interest on what you use
Interest applies to the amount drawn, not the whole limit.
Repay and redraw
A revolving facility you can use again and again, up to your limit.
Best for disciplined borrowers. A line of credit suits people with strong budgeting habits and changing costs.
Start with a free chatPOSSIBLE BENEFITS
Why borrowers choose
a line of credit.
A line of credit can offer flexibility other loans can’t, if it’s used for the right purpose.
Flexible access
Funds available as you need them, for planned costs or the unexpected.
Interest on funds used
No interest on the undrawn part of your limit.
Lower rates than unsecured
Usually cheaper than credit cards or personal loans.
Quick access
Withdraw through standard banking tools once set up.
A QUICK COMPARISON
Line of credit, redraw or offset?
| What you compare | Offset | Redraw | Line of credit |
|---|---|---|---|
| Access to | Your savings | Extra repayments | Up to your limit |
| Interest | Reduced by balance | On loan balance | On amount drawn |
| Discipline needed | Low | Medium | High |
| Suits | Everyday savings | Occasional access | Ongoing or variable costs |
Features, fees and conditions vary by lender. A broker can clarify which suits you.
Compare my optionsKNOW YOUR NUMBERS
Pay for what
you draw.
With a lump-sum loan, you pay interest on the full amount from day one. With a line of credit, you pay only on what you’ve drawn, which can cost less when funds are needed gradually.
We compare limits, rates and annual fees, so the flexibility doesn’t cost more than it saves.
- A limit that matches your plans
- Rate on the drawn balance
- Annual or package fees
- A plan to repay the principal
YOUR FACILITY, AT A GLANCE
What could it cost you?
$10k$1m
Interest on what you’ve drawn$292/mth
Yearly cost incl. fee$3,895
If the full limit were drawn$10,895
Illustration only. Interest-only on the drawn balance at a steady rate. The full-limit figure shows yearly interest plus the fee if the whole limit were used. Fees and rates vary.
Check my actual optionsFACTORS TO KEEP IN MIND
Flexibility comes
with responsibility.
Before proceeding, think about your long-term financial habits. The same features that make a line of credit flexible can make it easy to overuse.
DISCIPLINE IS THE DEAL
Easy to draw, easy to overuse.
Redrawing is simple, which can lead to spending more than planned if it’s not monitored. Because it’s secured by your home, missed repayments put your property at risk.
A clear purpose and a plan to repay the principal make all the difference.
The principal can stay put
Some lines of credit are interest-only for an extended period. That keeps repayments low, but the balance doesn’t fall unless you actively repay it.
Ongoing costs
Annual or package fees may apply, and some lenders review the facility periodically. Check the terms on access and redraw before committing.
Line of credit features, fees and limits vary by lender and can change.
Let’s see if it fits. We’ll look at your equity, habits and goals, and suggest alternatives if a line of credit isn’t right.
Check my next stepsWHAT LENDERS ASSESS
How lenders set
your limit.
Lenders usually assess you as though the full limit is drawn, even if you don’t use it.
Available equity
Usually up to 80% of your home’s value, less your existing loan. A valuation may be required.
Capacity to repay
Income and expenses are assessed against the full limit.
Credit history
A clean history shows you manage revolving credit well.
How you’ll use it
Some lenders restrict business or speculative uses.
WHAT IT CAN BE USED FOR
Common uses for
a line of credit.
A line of credit works best for costs that arrive over time, rather than one fixed amount.
Renovations
Pay trades and suppliers as invoices arrive.
Investments
Draw funds when an opportunity comes up.
Education
Cover school or university fees term by term.
Short-term needs
A buffer for emergencies, repaid when you can.
Need one fixed amount instead? A home loan top-up or equity release may suit better.
Explore home equity loansHOW WE CAN HELP
Six steps.
One team beside you.
Line of credit products vary in fees, structures and redraw rules. We help you compare them and avoid ones that don’t suit you.
UNDERSTAND
Talk through your plans
What you’ll use it for, your budgeting habits and your goals.
REVIEW
Review your equity
We estimate your available equity and a sensible limit.
COMPARE
Compare products
We compare lender criteria, fees, redraw terms and approval timeframes.
APPLY
Prepare your application
We help gather your documents and lodge the application.
SET UP
Settle and access funds
Once approved, your facility is set up and ready to draw.
SUPPORT
Review over time
We review your facility as your needs and the market change.
Richard LukeFounder · Ausfirst Lending Group
SPEAK WITH US
Your finances are personal.
Your broker should be, too.
You’re looked after by someone who treats your financial success as his own.
Richard brings more than 30 years of hands-on broking experience. He takes the time to understand your position, equity and repayment preferences before suggesting whether a line of credit fits your goals.
If another structure suits you better, such as an offset, redraw or equity top-up, we’ll tell you.
Personal attentionOngoing loan reviews2024 Sunshine Coast Business Awards finalist
Talk to a broker
More about RichardWHAT OUR CLIENTS SAY
Good people.
Great support.
ExcellentBased on 35 Google reviews
Google review
“I would describe Richard and Ausfirst Lending as friendly, insightful, prompt and diligent. A pleasure to deal with.”
Google review
“Debbie made the process of buying a new house frictionless, by providing excellent support throughout”
Google review
“I received very prompt responses to all of my questions and the team ensured that my application was processed in a timely manner. The service was brilliant!”
Excerpts from client reviews displayed on Ausfirst’s website. These reflect individual experiences.
LET’S CLEAR THINGS UP
Lines of credit.
Real questions.
The questions we’re asked most about line of credit home loans. Your habits and goals matter, so we’re happy to talk through the detail.
Ask a questionWhat can a line of credit be used for?
Home improvements, investments, education or short-term needs. Some lenders restrict business or speculative uses, so check the terms upfront.
Is a line of credit suitable for me?
It may suit borrowers with fluctuating costs and strong repayment discipline. A redraw facility or offset account may fit better if you mainly want access to savings.
How much can I borrow against my equity?
Many lenders allow up to 80% of your home’s value, less your current loan. A valuation may be required, and your income must support the full limit.
Does an unused limit affect my borrowing capacity?
Usually, yes. Lenders tend to assess a line of credit as if it’s fully drawn, which can reduce what you can borrow elsewhere.
What other benefits might it offer?
Quicker access to funds than some alternatives, with withdrawals through standard banking tools. Watch for fees and conditions on access or redraw.
Can I switch to principal and interest later?
Often, yes. Converting to a standard loan with principal and interest repayments can help you clear the balance. We can review your options.
READY TO START THE CONVERSATION?
Flexible funds
start with a plan.
Tell us what you’d like to use a line of credit for. We’ll look at your equity, habits and goals, and whether this structure suits you.
Your equity and a sensible limit
Fees, redraw and rates compared
Alternatives if it isn’t the right fit
Visit us in Caloundra
Suite 3/74 Bulcock St, Caloundra QLD 4551
Monday–Friday, 9 am–5 pm
YOUR FREE CHAT
Tell us about your plans.
Send our team a little about what you need.
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