Accessing Equity to Refinance
If you’ve been paying off your home loan for a number of years, you may have built up equity that is available to access. Home equity is the difference between your current property value and your remaining debt. In order to understand how much equity you have, you’ll need to get a property valuation, and then you’ll be able to access your available equity by refinancing your loan.
Refinancing is often a strategy used to free up the equity you have in your current home in order to fund purchases or lifestyle goals. You can refinance your home loan and use your equity for various reasons, including home improvements, car loans, a holiday and even to purchase an investment property.