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06-10-2006, 03:46 PM
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HELOC calculator needed
DH and I have just refinanced our home so that we can undertake much needed renovations. It is a normal principal and interest type set up. Interest is calculated daily and charged monthly. However as it has free redraw we are able to use it as a line of credit where all our income is deposited in the home loan account, we live off the credit card and then transfer the money across to pay it off before interest is payable. This would mean having a lower loan balance on which interest is calculated.We still have to pay the home loan as well.
I am looking for a calculator to tell me if this is fisable or not. Overspending is not a problem for us. I looked at our financial position yesterday and we have a surplus of just over $14,000 a year. This doesn't include the $230 a fortnight (bi-weekly) that I set aside for emergencies and budget blowouts. Thanks 
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