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How to use the equity in your home

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.

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.

To find out how much equity you have in your home, you will need to get a property valuation.

Whether you can borrow additional funds to access the equity in your home will depend on a number of factors, such as 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, so you can improve your financial position and your lifestyle:

  • Increase the value of your property by renovating your home
  • Reduce your loan balance by making more regular or larger repayments
  • Opening an interest offset account, so your savings are offset against your loan balance, to reduce the interest you pay on your loan.

You can apply to increase your loan easily via NetBank. The application only takes 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.

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.

For  information on how to access the equity in your home, make an appointment with a lending specialist online, by phone on 13 2224 or at your closest branch.