FAQ
How can we repay our loan sooner?
With a variable rate Loan, simply making your repayments weekly, fortnightly instead of monthly not only saves you money, but also cuts years off the term of your home loan. You can even choose which day suits you.
With a CSL Loan you can increase your repayments or make lump sum repayments any time when you have extra cash. These additional repayments will reduce the interest you pay on your home loan. You can call CSL at any time to request an appointment with one of our experienced Lending Managers who can show you how to take advantage of our home loans and your changing financial circumstances to cut years off the term of your loan and save thousands of dollars in interest.
What are the major benefits of a CSL Loan?
Firstly, with a variable rate Loan you can make your repayments weekly, fortnightly or monthly. Secondly, you may pay more off your variable rate loan to reduce the interest payable, then apply to redraw extra funds when you need them. There is no minimum amount and we do not charge any fees for this service. Thirdly, you can move from a variable to a fixed rate at any time, or a combination of variable and fixed at no charge. Fourthly, you can save time and money and minimise tax by crediting your salary and any other income to your loan account.
If I have a variable rate loan and I think interest rates are going to rise, can I change to a fixed rate?
Because our loans are so flexible, you can move from a variable rate Loan to a fixed rate Loan at any time. Unlike the banks, you will not be charged a switch fee.
How does a CSL Loan differ from other loans?
A CSL Loan can be used as an all-in-one wealth management account, which can incorporate a line of credit, along with other features a normal bank overdraft doesn't provide. The line of credit portion of the facility operates much like an overdraft, but your credit limit is higher (up to 90% of the market value of your property) and the interest rate is lower than most overdrafts and personal loans. Importantly, there are no ongoing fees and you have unlimited transactions.
What if my personal or financial circumstances change?
If you need to alter your repayments, because of a change in your circumstances, CSL have the flexibility to help. With a variable rate Loan when the variable rate applies, you can make extra payments above your regular monthly, fortnightly or weekly payments. You can apply to redraw extra funds if you need them for personal use, such as for home improvements, a new car or education expenses.
I'm with a bank. How do I move my loan to CSL?
It's simply a matter of talking to us about what is involved and getting the facts and figures so you can decide. We can transfer not only your home loan, but any other loans you may have as well.
Do I need your approval when I want to use my pre-arranged credit limit?
No. Once you've opened your CSL Line of Credit and your credit limit has been approved, you can draw on your line of credit up to the limit whenever and for whatever reason you wish.
Can I use CSL’s Line of Credit for my business?
Yes.
Can I keep my day-to-day transactions separate from my investments?
Yes. A CSL Loan allows you to split your credit limit into four accounts. You'll receive statements for each, making tax time more manageable. There's no fee for split accounts and you can review the allocation of your total limit at any time.
How can a CSL Lending Manager help me?
CSL Lending Managers can come and discuss your funding needs and offer a variety of loan options, at a time and place that suits you. The place may be one of our private and confidential interview rooms at our office, your home, office or other mutually convenient location.
Your Lending Manager is your expert partner during the application process, who will structure the right loan for your circumstances and help guide you through the process.
Once I’ve established my loan, will there be any account keeping fees or monthly/annual fees?
No. CSL does not charge any of these fees for the life of the loan.
I like the convenience of having my salary paid to my loan to save on interest and pay bills from the loan when required. Can you provide that facility?
Yes. Line of Credit loans will allow you to make direct debits to nominated parties such as credit cards and regular bills.
In fact, with CSL, you can have your salary paid to a Line of Credit and pay your loan repayments from it to other split loans. You can split your loan into 4 loans and receive a separate loan statement.
How often do you provide statements?
Generally every 6 months. However, you can obtain an up-to-date statement via the internet service or by calling our Customer Service.
What is the role of the board?
The role of the Board of Directors is to set goals and policies for the operation of the Company, to oversee the Company’s management, to regularly review performance and to generally monitor the Company’s affairs in the best interests of its shareholders. For these responsibilities, the Board is accountable to its shareholders.
Where can I find extra money to invest?
- Salary increase from a promotion
- Annual pay raise
- Extra money from reducing entertainment costs
- Paying off a car loan or credit card debt
- Tax refund
- Changing your federal and state tax exemptions to put more money in your paycheck
How Does CSL Make Its Investment Decisions?
The Company’s investment decisions are driven primarily by the decisions made by the Investment Committee, which usually meets weekly. A dealing team undertakes the day to day management of the Company’s portfolio and associated research with all transactions subject to review and oversight by the Investment Committee.