Using The Equity In Your Home.
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The equity in your home can unlock huge investment potential for you.
Did you know, that if you are already the owner of a home you can borrow against its equity? It’s called a home equity loan. The term ‘Equity’ means the difference between what your property is currently worth and what you currently owe; for instance if your home is worth $400,000 and you have currently paid off $200,000, you potentially have $200,000 equity tied up in your home. You can use this equity to then borrow against it in order to invest in other property, shares or maybe renovate your home.
How it works
With a home equity loan, you get a similar style structure to a line of credit on your mortgage. The credit from this structure can then be used and taken in either stages, or the full amount, which offers a great opportunity for investing. Exactly, how much you borrow will depend on what your situation is i.e. your income, assets, and borrowings.
Benefits of this type of loan
Saving for renovations or putting a deposit down on your new rental property can take a lot of time to save for. By getting a home equity loan, you can spend up the process to take the steps you desire immediately. However, like all debt this too has to be managed carefully in order to minimise risks and maximise your investment.
Let’s Make Things Happen
Discover how a home equity loan could help you.
“We didn’t realise how much equity we had in our family home until we spoke with Jarred. Now that the kids have moved out, we can afford to renovate our home for just the two of us.”
H. Townes
Flemington, VIC