Equity is the difference between the market value of your property and the amount you still owe on your home loan. You can often access this equity and use it to improve your lifestyle.
If you’ve paid down your loan or your home has increased in value, you may be able to use your equity for:
- Maintenance or renovations on your home
- As a deposit for your next home or an investment property
- Investing in other wealth-building opportunities such as shares or managed funds
- Improving your lifestyle such as a new car or family holiday.
You can access your equity by withdrawing extra repayments under a redraw facility or topping-up your loan. You can also take advantage of a reverse mortgage if you’re over 65 and own your own home, which allows you to withdraw regular payments on your home loan in a lump sum or periodically, without limiting your lifestyle or selling your home.
Talk to one of our lending specialists to find out how much equity you have in your home and the best way to access it. You can make an appointment online, by phone on 13 2224 or at your closest branch.