Buying your own home is probably the biggest investment you’ll ever make. Your home is also likely to be your biggest asset. Why not put this asset to work by taking out a home equity loan? What is equity?
Equity is the difference between what your property is worth and what you owe. For example, if you have $200k to pay off on a home worth $600k, you have $400k worth of equity. You may be able to borrow against this amount to purchase and investment property, renovate, invest in shares or managed funds, buy another property or refinance your mortgage and extra funds for future investments. How it works
An AMO equity home loan gives you a line of credit on your mortgage up to an approved amount. The loan can be taken in full or in stages, making it particularly useful for renovating or investing, and you only pay interest on what you use.
How much you can borrow depends on your situation - your existing borrowings, income and assets are taken into account. And if the equity is for an investment property, your new and current property values and income will be taken into consideration which will increase how much can be borrowed in the assessment process.
Benefits
Saves you time and money, allowing you to purchase your investment property or start your renovations sooner.
Australian Mortgage Options offers a variety of home loans if you want to use the home equity loan in your property, so we can help you:
- Own your home or investment property sooner
- Minimise interest
- Minimise tax
- Create wealth
- Build a property/investment portfolio