This is not common as the interest rate on Equity Access Loans is generally higher than on normal home loans. It is also an “interest only” facility with no built-in structure to reduce the debt long-term.
Interest rates on Equity Access Loans are much lower than personal loans or credit cards. Many borrowers establish an Equity Access Loan for the purchase of general non tax-deductable goods such as household items, travel, clearing other personal debt, purchase of vehicles etc.
such as paying the 10% deposit on an investment property, or purchasing a property or shares. The Equity Access Loan must have a different account number to your normal home loan account so it can be operated separately for tax reasons.
if permitted by the lender. The Equity Access Loan must have a separate account number for tax reasons.