Financial Sector (Collection of Data) (reporting standard) determination No. 32 of 2016 - Reporting standard RRS 392.0 - Housing Finance
10. Secured revolving credit home loans10. Secured revolving credit home loans
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10. Secured revolving credit home loans
Commonly known as home equity loans, where the loan is secured by the borrowers equity in the home, has no fixed term, is effectively a line of credit, and the borrower is obliged to repay interest only. Report the entire value of the commitment only where the primary purpose of the commitment (i.e. greater than 50%) - is for the purchase of an owner-occupied dwelling.
(see Home equity Loan Guidelines for more details on the treatment of these loans).
Exclude:
• all loans which are for alterations and additions (include in Question 7).