The basics

Your equity – your lifestyle

You can use your equity to access funds for home renovations, a caravan, that once-in-a-lifetime holiday or even a holiday home. It's a great way to help you enhance your lifestyle, no matter what life stage you're at. But to achieve your lifestyle goals, it's important that you have the right home loan.

Our Equity Loan Package gives you access to the equity in your existing residential property. Allowing you to borrow up to an agreed credit limit, it gives you the flexibility and convenience to use your equity for whatever you want.

Benefits of an equity facility

Equity is the difference between what your home is worth today and how much you currently owe on it. Our Equity Loan Package allows you to turn your equity into a ready source of funds available to you as a line of credit. How much you can borrow will depend on the value of your equity and your ability to service the loan. If your servicing ability is strong, you may be able to borrow up to 80% of the value of your property. Remember, you’ll also need to take into consideration other existing loans you may have as this will affect how much more you can afford to borrow and repay.

Thinking of renovating?

Our Equity Loan Package is a great facility for people who are looking to renovate their home. But before you make the decision to renovate, there are a few points you'll need to consider.

  • Decide if you're renovating for yourself or renovating to sell.
  • Decide if you want a small renovation or a bigger one.
  • Determine what you need now and what you may need in the future (such as extra bedrooms, double garage, extra bathrooms).
  • Think about professional advice: a qualified architect can help determine the best floor plan/layout based on your existing home.
  • Decide if it's worth renovating in terms of cost to build, as well as time and effort. It may be better to sell your home and upsize.
  • Be aware of your timeframe (building can take from months to years and you may need to be prepared to move out and rent).

Do your homework first and decide on the best option for you. And speak to professionals for advice if you feel you need to.

Note: if you are uncertain as to whether to make a major investment in a renovation, our financial planners can provide you with investment advice and can also refer you to tax and shares professionals, if required.

BSB: 704 230

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