July 11, 2014
Equity is the difference between what you owe on your loan and the value of your property, so equity should rise as you pay your loan down and the value of your property increases. Many people use the equity built up in their existing properties to help them purchase investment property
However there is a difference between equity & useable equity. Your Mortgage Choice Surfers Paradise broker will be able to help you work out what useable equity you have in your property.
Accessing equity, and the theory behind useable equity, can be applied to all properties—whether it is your home or an investment property. In the case of properties you have only recently bought, there might not be much equity there, but over time you will gain more and more. If you have an existing property, we can help you analyse your level of useable equity and whether your current loan is competitive and structured correctly to enable the next purchase.
If you'd like some help working out your level of equity or how to access it, please give us a call on 07 5538 6005 or via the Mortgage Choice website.