Having equity in your property gives you options for doing all kinds of things and your Blackburne Mortgage Broking broker can help show you how.
Your loan may be for your owner occupied property, but if you have equity to draw on, you can apply for an equity access home loan for further investment. For example, you can take out a separate investment facility that is secured against your principal place of residence to fund a deposit on an off-the-plan property or to even buy shares (if sanctioned by your lender).
You may also use your equity financing to extend your current home loan facility in order to finance home improvements. Rather than taking out a personal loan or using high interest bearing credit cards, a new mortgage facility or even the increase of an existing facility is a viable option should you have available equity.
Many lenders also sanction loan increases or supplementary facilities for what they call “personal use”. This can encompass a range of purposes such as a new vehicle purchase, to fund a wedding or even a holiday. Each lender has their own unique policy for what they will lend for and how much but our brokers will be able to give you all the information you need.
Talk to one of the knowledgeable brokers at Blackburne Mortgage Broking to find out what your borrowing capacity may be and what the process is to use your equity for whatever you require.
If you’d like to learn more, request a debt audit, compare your current loan or seek a quote, you can contact us via the enquiry form or call +61 8 9429 5777 and ask to speak to Paul Prindiville, Team Leader.
Australian Credit License: 389087