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  1. #1

    Default Revolving Credit

    Hi
    What is current revolving credit limit and rule with banks? I heard TSB give maximum 20% of your mortgage as revolving credit and ANZ will give you 350K revolving credit if you have 70% or less LVR. What is rule with ASB, BNZ, Westpac and Kiwibank?

  2. #2
    Join Date
    Mar 2015
    Location
    Brisbane Wellington Auckland
    Posts
    855

    Default

    BNZ has a commercial revolving credit called CARL.
    The entire loan can be revolving.
    What sort of amount are you looking at ?
    The interest rate is higher than a conventional loan so would not want it higher than you feel you need.
    I have found that the cost is between .2 to .25 of one percent more .

  3. #3

    Default

    I am looking after 400K, and I know the rate is around 5%. What about other banks?

  4. #4

    Default

    I assume that your borrowing is secured by a residential property. It that's is the case, ASB does have a product - Orbit home loan where they will consider a maximum of $250,000 (upon initial request). If request is escalated to their senior management for approval they will consider up to $1,000,000 against the Orbit account (maximum limit permitted on the orbit account). The lower the LVR, the more comfort the bank has to offer a higher limit over $250,000. Debt servicing profile also needs to be very strong for the banks to consider a higher limit.
    Hope this helps.

  5. #5

    Default

    thanks Koko, good info about ASB


 

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