Accessing equity in your home

If you’re a home owner and have been paying off your mortgage for a number of years, it’s likely that you’ve built up a sizeable chunk of equity in your home.

Making equity work for you

Your home can be much more than a place to live. It is also likely to be one of your most valuable assets, and by harnessing home equity you have the opportunity to build additional wealth or simply achieve personal goals.

'Home equity' is the difference between the market value of your property and the balance remaining on your home loan e.g. if your home is worth $600,000 and you have $350,000 remaining on the loan, your home equity is equal to $250,000.

You could use home equity for:

Security for a new loan for an investment property

Undertaking home renovations

Achieving lifestyle goals such as taking a holiday

Freeing up some extra cash

The beauty of home equity is that it can let you achieve all these things without a substantial pool of spare cash. Your Mortgage Choice broker can provide advice on how refinancing could help you achieve your goals.

Find out more about harnessing your home's equity. Talk to us today.

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