EQUITY ACCESS LOANS with MELBOURNE MORTGAGE FINANCE

Am I charged interest on the whole credit limit?

No.

Borrowers are only charged interest on the actual funds drawn. Interest is calculated daily on the active loan balance and interest is charged to the Equity Access Loan account monthly. In order to minimize the interest charged on an account, it is beneficial to reduce the debt whenever possible.
 

 

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Barry LeBrocq is a Credit Representative (Credit Representative Number 400034) of BLSSA Pty Ltd
(Australian Credit Licence No. 391237)