I wanted to share this video with you, particularly those of you out there that would like to know how you can use your equity to either invest or perhaps upgrade to a bigger and better home.
I am regularly asked to explain how home equity works and how we can harness it to achieve our goals. I think the above video does a great job of explaining how you can unlock your equity to better achieve your dreams.
Equity is the key driver for you to qualify to buy a new home as either an upgrader or an investment. It's also important nowadays in terms of what interest rates your lender or other lenders will offer you.
Give our team a call today on (08) 9485 0090 to discuss how you can access your equity to invest.
For example, if you bought your first or second home more than a couple of years ago and had less than 20% deposit, thus incurring Lender's Mortgage Insurance (LMI), then now is the time to look at your equity levels.
Homes increase in value over time historically and once yours is at a value where your home loan now sits on or below 80% of the value of your home, the banks will give you lower rates. Your current lender will have other products with lower rates that you can now access due to your greater equity OR they may just lower your rate. Other lenders will also offer you products with lower rates.
So equity can help you into not only a bigger, better home or an investment home, but also into savings!
Our team of mortgage brokers are happy to answer any of your questions and to also help you access your equity for all of the above reasons - give us a call today to discuss on (08) 9485 0090.
Vaios Toutountzis, Your local Mortgage Broker
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