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What is equity?

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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 clients who have used this option to purchase assets such as cars, boats or even more property. Clients also use this option 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 to see if any better loan options are available.

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