Empower Line of Credit details

Loan amount $100,000 up to $2,000,000
Loan term 30 years, shorter loan periods can be requested post settlement.
Maximum 'Loan to Value Ratio' (LVR) Up to 80%
Permitted purposes Purchase, refinance of home or investment property. Vacant land is not permitted.
Number of accounts Following loan settlement, a limit of 10 accounts per facility.
Offset account N/A
Global borrowing limit Allows you to access your funds for other purposes.
Repayment type Line of credit account allows for interest only repayments or interest capitalisation (up to the loan limit). You can also set up other accounts with Principal & Interest repayments or traditional Interest Only payments where regular payments are required.
Additional payments (variable accounts) Unlimited, without cost.
Option to fix Part of the loan can be fixed at any time without cost. Fixed rate terms are available from 1 through to 5 years. A minimum of $20,000 must remain as a variable rate account.
Rate lock A free rate lock is offered on all fixed rate applications to protect you from interest rate movements between formal approval and settlement. Rate is only locked once your loan is formally approved and settlement needs to take place within 90 days of loan contract date.
Additional payments (fixed accounts) Up to 5% of the initial account balance each year without penalty. Break costs may apply if additional repayments made beyond these limits.
Interest in advance option Available for fixed rate investment loans only. Terms and conditions apply.
Construction option N/A
Family guarantee option N/A
Loan Access
  • ATM & EFTPOS access via Cashcard. ATM fee free at selected ATM’s.
  • Chequebook.
  • Internet and phone banking available.
  • Redraw available (variable accounts only), fee free via electronic banking, fees apply for manual redraw.
  • Loan payments can be made via Direct Debit, Salary Credit & Over the counter deposits at Australia Post.
  • Bpay, Pay Anyone, periodic payments are available via Internet banking.

Fees

Application fee Nil
Documentation fee $330 Plus GST*
Valuation fee Nil (single property, terms and conditions apply)
Account management fee $198 p.a.
Mortgage discharge fee $400
Construction administration fee N/A
Other fees are payable, full details covered in mortgage documentation.

Other terms and conditions

Refer to the Comparison Rate Schedule for full details.

Other fees are payable, full details covered in mortgage documentation.

All lending rates quoted on this website are for new owner-occupied applications only (unless otherwise stated). Existing customers should always refer to their loan contract or internet banking / customer service for their current rates, terms and conditions.

The above rates are subject to change. Fees and charges are payable. Terms and conditions are available from your local branch.

* Additional charges may be payable for complex transactions or more than one security property.