Home Loan using EquityMortgage with equity
Your equity can be accessed by making additional redemptions through a redemption Facility or by increasing your loan. If you are over 65 and own your own home, you can also take out an inverted mortage, which allows you to make periodic or lump-sum withdrawals on your home loan without restricting your life style or without having to sell your home.
Speak to one of our credit professionals to find out how much equity you have in your house and how best to use it. Appointments can be made on-line, by calling 13 2224 or at your nearest store. In order to find out how much equity you have in your home, you need to get a real estate appraisal.
The lender's mortgage insurance or a low deposit premium may be applicable according to the amount you wish to lend and the real estate appraisal. Your loan conditions also dictate whether this is the case. A number of ways are available to help you accumulate equity in your home to help enhance your personal finances and lifestyle:
Open an interest settlement bank so that your saving is deducted from your credit balance in order to cut the interest you are paying on your loan. NetBank allows you to request a simple loan enhancement. The use of equity in your home means that the overall amount you borrow on your home loan will rise, which can lead to higher repayment rates each month.
You may also have limitations on your home loan that may stop you from making extra redemptions or tapping into the equity in your home. To find out how you can get your equity in your bank, make an appointment with a credit officer on-line, by telephone on 13 2224 or at your nearest bank outlet.