So, What is Equity?
In regards to property, it is an asset that comes from the homeowners interest in a property.
How much Equity you have is worked out by finding the difference between the properties market value and what you owe against it.
So basically, it’s the amount of your home that you actually own.
Equity increases over time due to the property value increasing or the loan balance being paid down.
It could also be used in lieu of a deposit if you end up purchasing another property!
Please feel free to give Fiona a call on 0412411823 if you have any questions.
Disclaimer: Your full financial needs and requirements need to be assessed prior to any offer or acceptance of a loan product.