Home Loan Equity

If you own or almost own a house, An Equity Loan can help you to unlock the potential of the property's equity without you having to sell your home. The home equity loan (sometimes abbreviated HEL) is a type of loan in which the borrower uses the equity in their home as collateral.

Equity is the difference between what your property is worth and what you owe. For example, if you have $250,000 to pay off on a home worth $600,000, you have $350,000 worth of equity. You may be able to borrow against this amount to renovate, invest in shares or managed funds, buy another property or refinance your mortgage.

What are the benefits of the Equity Loan?

If you don't have enough funds to take a vacation, buy a new car, renovate your home or landscape the garden, tap into your equity with the help of an Equity Home Loan.

There is no age barrier to the Equity Loan and you can still take advantage of all the features and benefits of a standard HomeStart Home Loan.

Home Equity Loan Fees

Here is a brief list of possible fees that may apply to your home equity loan: Appraisal fees, originator fees, title fees, stamp duties, arrangement fees, closing fees, early pay-off and other costs are often included in loans. Surveyor and conveyor or valuation fees may also apply to loans, some may be waived.

The survey or conveyor and valuation costs can often be reduced, provided you find your own licensed surveyor to inspect the property considered for purchase. The title charges in secondary mortgages or equity loans are often fees for renewing the title information.

Most loans will have fees of some sort, so make sure you read and ask several questions about the fees that are charged.