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An equity home loan allows you to borrow against the equity in your home. Equity is the difference between your property’s market value and the balance you owe on your home loan. If you’ve been paying off your mortgage for several years, there’s a good chance you’ve built up significant equity. You can use this equity to purchase a new investment property, renovate your existing home, or even for other financial purposes.
For example: If your property is worth $1,000,000 and your loan balance is $400,000, you have $600,000 in equity.
To calculate your available equity, you’ll need to know two key figures:
Once you have the market value and the loan balance, you can estimate your equity by subtracting the loan balance from the property’s market value. For instance:
Important:
The above example shows the equity available. However, lenders will typically only allow you to release equity up to a certain amount (capped at their LVR limit and/or dollar amount limit).
Our experienced mortgage brokers can help you assess your situation and provide tailored solutions based on your equity and overall financial profile.
Schedule a consultation with one of our home loan experts
The more equity you have, the better positioned you are financially. Here are some ways to build equity in your property:
Here’s how you can access your home’s equity:
Yes, you can borrow against your home equity to fund the purchase of an investment property, make renovations, or consolidate debt. Many homeowners use equity loans to leverage their property for further investments, enabling them to grow their wealth.
Working with Zenith allows you to benefit from decades of experience in the industry, helping you access the best equity loan options for your situation. We provide tailored home loan solutions that maximise your available equity and ensure you make well-informed decisions that align with your financial goals.
Refinancing or topping up your existing loan to access equity depends on your financial circumstances and long-term goals. If refinancing is necessary, we’ll help you determine whether this is the best option for your situation and whether it aligns with your investment and financial objectives.
Book an appointment with our specialist brokers to discuss your options. We will assess your financial position and provide tailored advice to help you unlock the full potential of your home equity.
Having encountered thousands of different scenarios, our team is well equipped to find you suitable solutions. Having the right mortgage broker by your side is essential to ensure you are getting the absolute best deal for your unique situation.
We understand everyone’s circumstances are different and we take the time to understand you and your goals. We value forming lifelong relationships with all our clients and we are fully committed to adding value every step of the way.
We know that mortgages can sometimes be complex and hard to understand. We focus on simplifying the process for you and we treat your loan as if it were our very own. Let us do what we do best so there’s one less thing for you to worry about.
Partnering with a mortgage broker like Zenith can significantly streamline your home loan journey. We provide expert advice on loan products carefully tailored to your unique financial situation. By handling the legwork, comparing multiple options, managing paperwork, and negotiating better terms, we save you valuable time and help identify potential hidden fees. As we are not tied to any single lender, we can select the best loan for your needs, ensuring you secure the most suitable deal. Additionally, we proactively review your interest rate multiple times per year to ensure you remain on the most competitive rate available, maximising your savings and giving you long-term peace of mind.
Our services are provided at no cost to you. We receive compensation directly from the lender you choose once your loan is settled, ensuring that you can explore your options without incurring any upfront fees.
Each lender has unique criteria and requirements that must be met before they approve a loan. Our team takes the time to thoroughly analyse your credit history, income situation, and the specific strengths and weaknesses of your financial circumstances. This allows us to match you with the most suitable lender and loan package tailored to your needs. Our experienced professionals will provide you with comprehensive information, ensuring you have everything necessary to make an informed decision.
To begin, we’ll work closely with you to understand your goals and objectives. We’ll then gather and review all necessary supporting documents to ensure we have a comprehensive understanding of your situation. Once we have sufficient information to make a personalised recommendation, the next step will depend on the chosen lender’s processing timeline. This can vary from several weeks to a few months, which is why we strongly advise initiating the process as early as possible, especially when it comes to property purchases, where timing can be crucial.
You may not always qualify for financing from a specific bank. After assessing your unique situation, we’ll work to find you the lowest possible interest rate from eligible lenders. While interest rates are important, they’re just one piece of the puzzle. We’ll also help you consider all other fees and features associated with each loan option, ensuring you have a complete understanding of your choices and can make an informed decision that best suits your needs.
Typically, lenders require a minimum deposit of 5% of the property’s purchase price to secure a home loan. However, in some cases, it may be possible to proceed with a lower deposit. Keep in mind that if your deposit is less than 20% of the property’s price, you may need to pay Lenders Mortgage Insurance (LMI), unless you qualify for an LMI waiver. To explore your options and determine the best approach for your situation.
Support for Equity Home Loans