Viridian Line of Credit

Accessible line of credit 

A pre-approved limit ensures you have credit available whenever you need it most, without having to reapply for it.

Only pay for what you use

A loan that only charges you interest on the amount you use.

Access options

Access your money using your CommBank keycard or Debit Mastercard, in branch or online.

Repayment flexibility 

Choose when you make your payments and how much you want to pay, making sure you cover monthly interest, fees and charges.

Trade-offs

This product may not be suitable for you if you: 

• Are not comfortable managing debt repayments without a set repayment schedule. 
• Want to carry a substantial loan balance over a long time period. 
• Want to split your loan balance into multiple loans. Splitting isn’t available on this loan type. 

Loan purpose

You can use your loan for a variety of purposes, including:

• Owner occupied or Investment property purchase 
• Refinancing
• Home renovations 
• Consolidation of personal debt 
• Purchase of land 
• Personal needs 
• Personal investments 

A Viridian Line of Credit cannot be used for business purposes, building/construction loans, off-the-plan purchases or as bridging loans.

Making payments

• At a minimum, you’ll need to manage your payments so that interest, fees and charges are covered each month
• To reduce your loan balance, you can make additional payments at any time. This will need to cover more than what you spend plus interest, fees and charges
• Ongoing interest is incurred on any outstanding loan balance

To find out more visit: How can I find my Viridian Line of Credit (VLOC) payment amount and payment options?

Interest calculations

• Interest on your Viridian Line of Credit is calculated daily on your outstanding loan balance and charged monthly.
• This amount will be debited from your Viridian Line of Credit on the first calendar day of the following month and is capitalised and compounded (added to your loan and becomes part of your outstanding loan balance).

It’s important to note that unless you make regular payments, you will reach your approved limit sooner and have less money to access.

Debt Reduction Plan

• It’s important to have a clear debt reduction plan or exit strategy prepared so that your VLOC is paid off in full prior to your retirement, or plan how you’ll manage its ongoing servicing after retirement. We recommend you seek independent legal and/or financial advice to understand your obligations, risks and impact on your financial situation.
• Alternatively, you can also switch your Viridian Line of Credit to a standard home loan product which can offer regular Principal and Interest repayments and/or the security of a fixed rate. 

Lenders’ Mortgage Insurance

Lenders’ Mortgage Insurance lets you purchase a property with a smaller deposit, so you can buy your home sooner.

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Guarantor support

A family member can help you secure a home loan by mortgaging their own property as additional security.

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