Can I use my home’s equity to renovate or buy another property?

img-house2Question:  

I’ve been paying off a mortgage on my house for several years, and lately I’ve seen property price records being broken in our suburb.  

I think my property’s value has improved significantly in the last few years.  

I’ve heard that it may be possible to tap into my property’s equity to renovate, or even to help me buy another place.  Is this true?

 

Answer:

Depending on the amount of equity in your property, you may be able to access some of your property’s equity.  Some homeowners use their equity to renovate, others to fund a deposit on an investment property.
Depending on your loan arrangements, you may be able to borrow extra funds on your existing home loan without having to take out a new loan. Or, if you’ve been making repayments above the required amount, you may be able to redraw the extra payments.

Everyone’s circumstances are different, so talk to us about your situation and how we can assist you.