Equity is the difference between the value of your property and the amount you still owe on your home loan. You can often access and use this equity to improve your lifestyle.
If you’ve paid down some or all of your loan, and/or your home has increased in value, you may be able to use your equity for:
To find out how much equity you have in your home, you may need to get a property valuation. You can also make an appointment with one of our Home Lending Specialists to discuss your equity options.
Whether you can borrow additional funds to access the equity in your home will depend on a number of factors, such as your income, living expenses and how much you owe. Lenders’ Mortgage Insurance or a Low Deposit Premium may apply depending on the amount you want to borrow and the property valuation. The circumstances of your loan will also determine whether this may apply.
There are a number of ways you can build equity in your home:
It’s easy to apply for an increase (top up) to your home loan via NetBank or in the CommBank app and only takes around 15 minutes. To make things easier, most of your details will automatically appear on your application. You can save your progress at any point and come back to it later.
Call us on 13 2224 8am to 8pm (Sydney/Melbourne time), any day.
Book a time that suits you to speak to one of our Home Lending Specialists instantly.
Our Mobile Lenders will meet you at a time and place that suits you.
Our Home Lending Specialists can be found at more than 950 branches across Australia.
Using the equity in your home means the total amount you owe on your home loan will increase, which can result in higher monthly repayments. There may also be restrictions on your home loan that can prevent you from making additional repayments or accessing the equity in your home.
