As you repay your home loan over a number of years, you build up equity in your home. Equity is the difference between your home's market value and the amount of home loan you still have left to repay, and it also increases if the property market sees a general upswing in prices. You may want to access your equity in the form of cash to spend now, and you can do so by refinancing. If your home is worth $500,000 and your loan balance is $200,000, you could possibly refinance with an LVR of 80% (i.e. a $400,000 loan) and pocket $200,000 in cash (less refinancing fees).
Finty members get
I don't want rewards
I want rewards
Disclaimer: You need to be logged in to claim Finty Rewards. If you proceed without logging in, you will not be able to claim Finty Rewards at a later time. In order for your rewards to be paid, you must submit your claim within 45 days. Please refer to our T&Cs for more information.
