What is a revolving loan?
A revolving loan combines a transactional account and home loan in one product. This gives you the flexibility to access, repay, and redraw funds at any time, up to your credit limit.
Benefits
- Access, repay and redraw funds whenever you need to, up to your credit limit.
- Reduce interest costs by using your income or savings to lower your loan balance.
- Make lump sum payments with no prepayment costs.
- Access your money easily using your Debit Mastercard, EFTPOS, ATMs, online banking, or the TSB mobile app.
Features
- You can use your revolving loan on your everyday transactional account a bit like an overdraft, or you can have it as a separate account.
- You can make as many payments to the account as you like - whenever you like. If you need to access that money, you can redraw it.
- Your revolving loan has its own variable interest rate which will move up and down with the current market. View our home loan rates.
- There's no maximum loan term, however we may ask you to repay the revolving loan at any time.
- There’s a minimum limit of $5,000 on a revolving loan.
Is a revolving loan right for me?
Revolving loans can be a flexible option for many borrowers, but it’s important to consider whether this type of home loan suits your financial goals and spending habits.
Take the next step that suits you
Looking for help?
Talk to a Home Loan Specialist
Whether you’re just getting started or ready to apply, we’re here to help you take the next step with your home loan. The easiest way to get started is to book a phone or video appointment with one of our Home Loan Specialists. You’ll see real-time availability and can choose a time that works around your schedule. They’ll answer your questions, talk through your options and guide you through the home loan process – so you can move forward with confidence.
Not ready to make an appointment? Send us a few details and one of our home loan specialists will get in touch within 2 business days to answer any questions and guide you through the next steps.
Important information:
- If you're looking for regular payment certainty, you should consider a fixed rate home loan or a split between fixed and floating rates.
- If you want to reduce the credit limit on your revolving loan, please contact us to discuss.
General Lending Terms and Conditions
- All interest rates are subject to change.
- Lending criteria, terms and conditions and fees apply.
- When you bank with TSB you agree to our General Terms.