July 12, 2016
If you've owned your home for a number of years, you could have more home equity than you realise.
This is because equity is created in two main ways - by paying down the principal amount on your home loan and increasing the value of your property.
Any improvements you make to your property - like a new coat of paint - could potentially increase the value of your home and grow your amount of equity.
In addition to increasing the value of your property, another way to grow the equity in your home is by making regular additional (or occasional lump sum) loan repayments. Additional repayments will help you to increase your home equity, cut down the interest payable on your loan and your overall loan term.