Equity Loans, Home Loans
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Equity Loans
Most people's biggest asset is their family home. As the years pass, your
mortgage is paid off and the value of your home generally increases to several
times what you originally paid for it. This increased value, minus your loan
balance, is known as your home equity.
An Equity Loan is also known as a line of credit loan. It is a loan facility
against the equity you have in your property. This loan facility generally comes
with a cheque book which allows you to use the equity for any worthwhile
purpose.
Your lender will assess the value of your home and they'll look at what you
already owe to determine the amount of equity you have in your home. You're
allowed to borrow a certain percentage of your equity to use however you please.
The loan portion is set up as a revolving line of credit, which means if you
choose not to spend the money available in your home equity loan, you will pay
no repayments.
Many applicants will use an equity loan for investment, home renovation, a
holiday or a new car. Equity Loans are generally a little more expensive that a
regular home loan as they offer the borrower far more flexibility.
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