Home Loan and Mortgage Refinancing Tips From Loan Monster
Releasing Equity – Mortgage Broker Perth
Firstly, what is equity? This is the difference between the value of your home (current market price) and what you owe on your property.
Speak with Loan Monster Mortgage brokers in Perth who will be able to access this information for you. Whilst paying off your home loan is the Australian dream and living debt free is always a goal, sometimes in the right scenario it may be advantageous, necessary, or luxurious to release equity from your property or properties. Once you know what equity you have in your property, there are some things you can do to make it work for you and improve your lifestyle.
Refinancing is one way to access your equity. This could mean refinancing your existing home loan to a better product or a better interest rate, either with your current lender or with a new one. The equity could be accessed and used for a variety of things, such as a deposit on the purchase a new home, to buy a new car, or go on a holiday. Keeping in mind if you are increasing your loan for any of these things, you are increasing your repayments so ensure you can afford the increase. If releasing your equity for a reason, please ensure it is the right thing to do by consulting your Perth Mortgage Broker, and if necessary your financial planner and your accountant.
If you have a redraw facility you may be able to redraw any extra repayments that you have made to use on perhaps increasing the value of your home by renovating. It may be time to update the kitchen or add the extra bedroom, and accessing your equity can be the first step in doing this.
The more equity you have, the more you can potentially do (within lender restrictions).
If you’d like to find out more about using the equity in your home to refinance, get in touch with a Loan Monster Broker. Our head office is in Fremantle and we service all of Perth and can give you options and discuss whether releasing equity will be the right thing for you. Accessing your equity through a home loan may not suit your situation.
* The information contained in this website should not be taken as constituting personal advice. We recommend that you seek professional assistance before acting upon any information provided or linked on this web site
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