Using the Equity in your home
At this time of year, as summer really starts to heat up, many people start thinking about air conditioning, swimming pools, holidays or all three.
If you own your home, you may be able to use the equity that has been built up over time to help fund your dreams.
Lenders will normally let you borrow a certain percentage of the value of your home and the difference between this amount and the current amount owing on your home loan is your equity.
This equity can be used for a variety of reasons, including but not limited to:
- Home renovations
- Install a pool
- Buy a new car, caravan or boat
- Install solar energy
- Take a holiday
- Used to purchase an investment property
So, stop dreaming and take action. Let’s have a look at your current home loan and work out how much equity you have available. You may be closer than you think to that swimming pool..