i had a LOC for around $30,000 because at the time i wasn't in front enough to redraw and the house hadn't increased in value enough either. in hindsight i shouldn't have done it but at the time it seemed like a good idea. can work well for some people but as others have stated, the temptation to keep spending it is huge! mine never reduced! after a couple of years, more collaterall built up etc, i consolidated the two ( mortgage and LOC ) into one morgage amount. was a lot easier to manage. in a different position now but i personally wouldn't do an LOC again.

The big mistake people make is that they think it is their money. Same as a credit card. It is NOT your money!

You were smart enough to realise you were never going to get rid of it and consolidate.

Brendon

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Losing is worse than death. You have to live with losing....

Consider a Personal Loan. It may be higher interest but it forces you to pay it off quickly and will be cheaper if you do pay it off in 3-5 years than holding a lower interest debt for 30 years.

I work for a bank, although no longer involved directly in banking, and thats how I'd go.

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MY08 Liberty Tuned by STI Wagon