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How do I free up extra cash out of my home loan?

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The only way this can happen is if you have equity in your current home. Equity is the difference between the value of your property and the loan amount that you owe. Banks as a basic rule normally lend approximately 80% of your properties value and can lend up to 95% under some circumstances. Therefore if your property is worth $250,000 and you owe $150,000 you may be able to borrow an additional $50,000 or even up to $87,500. I have many clients who have done this to purchase assets such as cars, boats or even more property. I also have had many clients that have used this form of borrowing to clear and consolidate many other debts they may have such as credit cards or personal loans. Remember this is the ideal time to also assess if you currently have the best housing loan for your circumstances and a chat with your broker would be ideal.


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