If you're a homeowner in Australia looking for a way to access cash, a home equity loan may be the solution you need. A home equity loan allows you to borrow against the equity in your property, providing you with the financial flexibility you need to achieve your goals.
With a home equity loan, you can often borrow up to 80% of the value of your property, with flexible repayment terms ranging from 1 to 30 years. Our mortgage brokers will help secure an equity loan with interest rates that are highly competitive, making it an affordable option for homeowners who want to unlock the value of their property.
Whether you're looking to renovate your home, consolidate debt, or make a large purchase, a home equity loan can help you achieve your goals. And because it's a secured loan, you may be able to access larger loan amounts at a lower interest rate than an unsecured personal loan.
Our application process is quick and easy, and our team of experienced mortgage brokers are here to guide you through every step of the way. So, if you're a homeowner looking for a flexible, affordable way to access cash, apply for a home equity loan with us today and take the first step towards achieving your financial goals.
There are a few ways to increase your home’s equity which could increase the value of an equity home loan. Here are some ways to do it:
Equity is the property value that you own and is measured by determining the balance of your home loan versus the value of the property.
For example, if your home is worth $500,000 and you owe $250,000 on your home loan, then the equity in your home is $250,000.
Accessing your home’s equity starts with a home valuation to see what the value of your property is.
If the value has increased during your time of owning it, it means you’ll have more equity in your home than you thought. If the value has decreased, chances are you will have less equity and it might not be the right time to take out a home equity loan.
In some scenarios, homeowners may actually become underwater or “upside down” on their mortgage. This means that the total amount owed on the home is more than the value of the property.
If you have positive equity in the home you could be eligible to receive up to 80% of the current value in the form of an equity home loan.
Applying for home loan pre-approval can give you a good idea of how much you could afford to borrow, so you know your limits when searching for your dream home.
The first step of any home buying process is to receive a home loan pre-approval. We’ll walk you through the steps of getting you pre-approved. That way, you have an idea of how much money you’ll be able to spend on the home of your dreams. Not knowing how much you can afford is a scary situation to find yourself in. Making a commitment to purchase a home without knowing this ahead of time is never a smart decision. Let the team at Fox Finance Group walk you through this step-by-step. We’ll give you the freedom of choice and peace of mind that comes from knowing you can afford the homes you’re looking at, based on your debt-to-income ratio.
Apply for pre approvalWhether you’re buying your first home, next home, an investment property, renovating or refinancing, we can help you make your next move with confidence.
Variable rate home lending occurs when the interest rate on your home loans changes over time. These interest rates change as the market changes and, as a result, your home mortgage payments will change as well. As interest rates fall, so will your mortgage payment. As interest rates increase, so will your mortgage payment. The upside to these types of loans is that you generally get better perks when you apply, such as lower introductory rates for a specified period of time. The downside is the unpredictability of these loans and inability to forecast future rates.
Apply for a home loanFixed rate home loans give you the certainty of knowing what your repayments will be during the fixed period.
Home loan interest rates that are fixed do not fluctuate with the market. You’re locked in at the interest rate you received when you were approved. This will result in your payments being the same over time unless you refinance. The positive side of this is that you know exactly what your monthly mortgage payment will be, so you can plan and budget for it accordingly. These loans are less flexible and will not fall during a market where interest rates are declining. People who have fixed rate loans will need to refinance if they want to get a lower interest rate later on during the loan period.
Apply for a home loanCan’t decide between a variable or fixed home loan? You might consider splitting your home loan into part fixed, part variable rate so you can benefit from both certainty and flexibility.
A split loan is a hybrid of the two options. Part of your loan will be dedicated to a fixed interest rate and part of it will be a variable interest rate.
Apply for a loanLower repayments during the interest-only period could help you save more or pay off other more expensive debts.
Interest Only Home Lending is when you pay only the interest for the first number of years during the loan. This will make your mortgage payments lower on the front end but higher on the back end of the loan. There are positives to these types of home loans if you’re trying to buy a second home that may become your permanent home. Paying only the interest will allow you to continue paying the first mortgage while contributing to the second one.
Apply for a home loanAn equity loan lets you borrow against the equity in your home. You could unlock equity to fund a renovation, investment property or more.
A Home Equity Release is a loan that allows you to leverage the equity you have in your home to make improvements. Those changes may help you sell your home for more money someday. It can fund home renovations and you can even use it on a second property. Equity is the difference between the value of your home in the current market and the amount of money remaining on your loan. When you’re paying off a home loan, the equity grows. If your property is increasing in value, the equity you have in your home will increase as well. For example, if you purchased a home for $450,000 and deposited $100,000, you then have $100,000 worth of equity in that house. If the value of the home increases to $500,000, and you pay another $50,000 over time on the house, you then have $200,000 in equity. You can refinance up to 80% of the value of the property and subtract the amount you owe to figure out what you would be eligible for in a home equity loan.
Apply for an equity loanApplying for home loan pre-approval can give you a good idea of how much you could afford to borrow, so you know your limits when searching for your dream home.
The first step of any home buying process is to receive a home loan pre-approval. We’ll walk you through the steps of getting you pre-approved. That way, you have an idea of how much money you’ll be able to spend on the home of your dreams. Not knowing how much you can afford is a scary situation to find yourself in. Making a commitment to purchase a home without knowing this ahead of time is never a smart decision. Let the team at Fox Finance Group walk you through this step-by-step. We’ll give you the freedom of choice and peace of mind that comes from knowing you can afford the homes you’re looking at, based on your debt-to-income ratio.
Apply for pre approvalWhether you’re buying your first home, next home, an investment property, renovating or refinancing, we can help you make your next move with confidence.
Variable rate home lending occurs when the interest rate on your home loans changes over time. These interest rates change as the market changes and, as a result, your home mortgage payments will change as well. As interest rates fall, so will your mortgage payment. As interest rates increase, so will your mortgage payment. The upside to these types of loans is that you generally get better perks when you apply, such as lower introductory rates for a specified period of time. The downside is the unpredictability of these loans and inability to forecast future rates.
Apply for a home loanFixed rate home loans give you the certainty of knowing what your repayments will be during the fixed period.
Home loan interest rates that are fixed do not fluctuate with the market. You’re locked in at the interest rate you received when you were approved. This will result in your payments being the same over time unless you refinance. The positive side of this is that you know exactly what your monthly mortgage payment will be, so you can plan and budget for it accordingly. These loans are less flexible and will not fall during a market where interest rates are declining. People who have fixed rate loans will need to refinance if they want to get a lower interest rate later on during the loan period.
Apply for a home loanCan’t decide between a variable or fixed home loan? You might consider splitting your home loan into part fixed, part variable rate so you can benefit from both certainty and flexibility.
A split loan is a hybrid of the two options. Part of your loan will be dedicated to a fixed interest rate and part of it will be a variable interest rate.
Apply for a loanLower repayments during the interest-only period could help you save more or pay off other more expensive debts.
Interest Only Home Lending is when you pay only the interest for the first number of years during the loan. This will make your mortgage payments lower on the front end but higher on the back end of the loan. There are positives to these types of home loans if you’re trying to buy a second home that may become your permanent home. Paying only the interest will allow you to continue paying the first mortgage while contributing to the second one.
Apply for a home loanAn equity loan lets you borrow against the equity in your home. You could unlock equity to fund a renovation, investment property or more.
A Home Equity Release is a loan that allows you to leverage the equity you have in your home to make improvements. Those changes may help you sell your home for more money someday. It can fund home renovations and you can even use it on a second property. Equity is the difference between the value of your home in the current market and the amount of money remaining on your loan. When you’re paying off a home loan, the equity grows. If your property is increasing in value, the equity you have in your home will increase as well. For example, if you purchased a home for $450,000 and deposited $100,000, you then have $100,000 worth of equity in that house. If the value of the home increases to $500,000, and you pay another $50,000 over time on the house, you then have $200,000 in equity. You can refinance up to 80% of the value of the property and subtract the amount you owe to figure out what you would be eligible for in a home equity loan.
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Enter some basic details about your home loan enquiry in our simple online form.
Discuss your home loan preferences and application information with our friendly Home Lending Specialists.
Your Home Lending Specialist will guide you through all details of your mortgage pre-approval.
Once everything is verified, we’ll discuss your loan contracts together for you to then sign.
Your loan funds will be processed by the lender when settlement is finalised. It's that simple!
Enter some basic details about your home loan enquiry in our simple online form.
Discuss your home loan preferences and application information with our friendly Home Lending Specialists.
Your Home Lending Specialist will guide you through all details of your mortgage pre-approval.
Once everything is verified, we’ll discuss your loan contracts together for you to then sign.
Your loan funds will be processed by the lender when settlement is finalised. It's that simple!
Also known as a reverse mortgage, a home loan equity release is a financial product that allows homeowners to access the equity built up in their property. It provides a way to convert a portion of the home’s value into cash or regular payments while retaining ownership and the right to reside in the property.
To qualify for a home loan equity release, a client must fit within a certain lending criteria. Lending criteria can differ from bank to bank, however the client must be a homeowner to start. The value of said property, and level of home equity are major factors considered by the bank when assessing your approval eligibility.
The amount you can borrow through a home loan equity release will depend on factors such as the value of your property, and the specific lender’s policies. Generally, the higher the value of the property, the more you can borrow. Banks and lenders often provide a loan-to-value ratio (LVR) that will determine the maximum borrowing limit.
In most instances, yes. Generally, if the home loan equity release amount is less than $100,000, the lender will not require proof of what the funds are to be utilised for. A client will have to declare the purpose of their intentions when obtaining a home loan equity release, however rarely needs to provide documentation for those expenditures or purchases. This can be handy if clients plan to use the funds on several different costs including renovations, asset purchases, or other investments.
As your local home lending specialists, we are accredited with a panel of several different banks and lenders. Most lenders on our panel offer a home loan equity release product, meaning you will have the freedom to choose which institution suits you best. Your home lending specialist will be able to discuss all details of the home loan equity release options available to you and your profile.
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