Equity Extra Overdraft

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9.22% p.a.

Variable rate

Our flexible rate option supports your property purchases while ensuring you have the most competitive rate available.

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Features

Unlock credit with flexible options

Unlock extra financial flexibility with our Equity Extra Overdraft. Secured against your home, it offers a larger credit limit and lower interest rates, giving you the confidence to manage big expenses or seize new opportunities. Enjoy the security of borrowing against your home, with the added support to keep you moving forward.

Secured by equity in your home

The overdraft is secured by the equity in your home, which allows for more favorable terms and lower interest rates.

Flexible use of funds

You can use the funds for a variety of purposes, such as home improvements, medical expenses, education costs, or other financial needs.

Competitive interest rates

Enjoy competitive interest rates that help you manage your costs effectively and confidently.

Debit interest capitalises to account

Interest accrued on the borrowed amount is automatically added to your outstanding balance, streamlining your repayment plan and making it easier to manage your overdraft.

Interest-only payment option

During the draw period, you can make interest-only payments to help manage cash flow and reduce monthly payments.

Ongoing facility

The overdraft is typically an ongoing facility, meaning you can use it as needed without reapplying each time.

Frequently asked questions

What is Equity Extra Overdraft?

Equity Extra Overdraft is a flexible credit facility that allows you to access additional funds beyond your account balance, using the equity in your home as security.

How does an Equity Extra Overdraft work?

You can draw funds up to an approved limit. As you repay the borrowed amount, your available credit is replenished, allowing you to borrow again as needed. You only pay interest on the amount you borrow.

How is the credit limit determined?

The credit limit for an Equity Extra Overdraft is determined based on the equity in your home, which is the difference between your home’s market value and the outstanding mortgage balance. We will also consider your credit score, income, and other financial factors.

What can I use an Equity Extra Overdraft for?

An Equity Extra Overdraft can be used for a variety of purposes, including home improvements, debt consolidation, education expenses, medical bills, major purchases, business expenses, emergency funds, travel, and investment opportunities. It provides flexible access to funds by leveraging the equity in your home, helping you manage both planned and unexpected financial needs.

Can I lose my home if I can't repay the Equity Extra Overdraft?

Yes, because an Equity Extra Overdraft is secured by your home, failure to repay the borrowed amount could result in foreclosure. It’s important to carefully consider your ability to repay before taking out an Equity Extra Overdraft.

Is an Equity Extra Overdraft right for me?

An Equity Extra Overdraft can be a valuable tool if you need flexible access to funds and have significant equity in your home. However, it’s important to consider the risks, such as variable interest rates and the potential for foreclosure. Always evaluate your financial situation and consult with our friendly staff to determine if an Equity Extra Overdraft is the best option for your needs.

Why choose us

Three reasons locals love Summerland

A thriving community is central to our vision and benchmarks for success. Summerland Bank is the people’s bank, serving our local community and together, making it stronger.

Owned by the people, operated by the people

Founded on a belief in the power of the collective, we are a community-owned bank that prides itself on always being there to support our community, in both the good times and the challenging ones.

Banking the way it should be

With branches throughout the Northern Rivers NSW and South East Queensland communities, we offer good old-fashioned customer service with all the bells and whistles of a modern bank.

Quick and easy to get started

Whether it’s your first-ever account or you’re looking for a fresh start with a customer-owned, community-minded bank, we can get you up and running in minutes – online, over the phone, or in a local branch.

Compare home loan options

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The legal stuff

Rate applicable to owner occupied. A different rate applies for investment. See our rates chart or contact us for more information.
Although this product has no set minimum repayments, customers should aim to repay their overdraft as soon as possible to minimise any fees and interest.

Rates are subject to change. Conditions, fees, and eligibility criteria may apply, see us for details. Terms and Conditions available upon request. Target market determination available on request at our branches. This is general advice only and may not be right for you. Please read the Credit Guide before making decisions.

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