Personal

The “all in one” or Line of Credit account is a transaction account that combines your daily transactions and home loan into one account. The benefit is that it allows you to make a majority of your purchases (food shopping, bills, regular expenses) on a credit card with 55 interest free days, leaving a majority of your wages in the “all in one” account to reduce the daily interest charged on your loan. At the end of the month you pay off your credit card using wages kept in your loan.

It is no secret that a line of credit best suits those who are disciplined in their spending. An added bonus of this facility is by “parking” a month’s worth of wages in your loan, then drawing back only what you have spent on your credit card, excess funds will remain in the loan each month. This will not happen if you are spending more than you earn.

Similarly, if you don’t pay off your credit card each month, interest charges will kick in and suddenly the system starts costing you money, instead of helping you save it.
 
A line of credit can also be helpful if you are self-employed and experience a fluctuating cash flow. While it is not an overdraft product, a line of credit can be used to smooth out the troughs and peaks and enable you to better manage your cash flow.

BCU’s Line of Credit is a variable product only. You do, of course, have the option of splitting your loan with a portion on a variable line of credit and a portion on a fixed rate.
 
Members can access funds up to the agreed limit via ATM, EFTPOS, Internet banking, cheque, direct debit or BPAY.

Products issued by Bananacoast Community Credit Union Ltd ABN 50 087 649 750 AFL 241077.
Terms and Conditions for Savings and Terms Deposits Accounts are available upon request from any branch or by logging onto www.bcu.com.au. Fees and Charges may apply. Loans available to approved applicants only. Normal lending criteria, terms and conditions apply. Interest rates, fees and charges are payable and are subject to change without notice.