Answer by LegalEagle™ staff, Forbes 2871 NSW

• Many financial institutions offer home loans to people on the basis that they can use it to provide a line of credit. This means they can:
  • put additional money into their loan;
  • use a credit card for the expenses; and
  • use the additional money to reduce their home loan costs.
• You should be aware that co-borrowers on the loan are able to withdraw any additional funds without your permission.
• There are other ways that you can structure a joint account that require the consent of both parties before transactions are made. You should discuss these options with your bank and see if you can transfer your line of credit into a different arrangement.