Accessing Equity In Your Property
You’ve had some growth in the value of your property and you want to put it to good use. You can borrow against that growth (equity) for many purposes.
Often we have clients coming to us to utilise the equity they’ve accumulated in their current property. In recommending a solution, a number of things will be considered including:
- What you intend using the funds for.
- How it may impact on your existing lending and having a look at whether a better offer is available there as well. Where there is an increase in lending, it is always a great time to review things comprehensively.
- Consideration as to if the funds are being used to renovate, the particulars including scope of the renovation will dictate the approach to accessing the equity and the scope of support documentation that will need to be in order to accompany any application.
- Depending on the amount and lender policy, we may need to seek support quotes for the increase and application of the funds.
- Most lenders will not allow equity for payment of tax debts or business purposes, however there are some that can look at this positively with the right approach.
- Lines of credit or such to utilise equity to invest are also an option, particularly in shares, managed funds or similar investments.
- Equity can also be used to raise the deposit or funds required to cover purchase of an investment property.
Whatever your requirements, contact us to discuss how we can progress your next big idea into reality.