The Line of Credit is basically a revolving line of credit that is secured against your home. The product works best when all income is diverted through this account thus minimising loan interest charges as banks calculate interest daily. The mortgage loan is generally perceived as the biggest single investment one undertakes, so any method which accelerates ownership plus allows greater investment potential is a significant boost to bank customers. This type of facility allows prudent financial planning but also accelerates your loan repayments. Depending on your tax structure, it is well worth discussing with your banker and or accountant.
Various institutions offer such a product.
With the advent of phone banking, internet, digital tv etc customers have an even greater choice in transferring funds, getting account balances or being sent a line of credit application form. The line of credit facility, used wisely, can achieve great results for the smart investor.