Your Loan is either contributing or detracting you from your goals. It is either accelerating or reducing the speed at which you reach your financial targets.
It is not only your right to take back control of your family’s financial future, it is your obligation.
Fast Repay Home Loan understands that you may have doubts about your current home loan. Weather you have just settled your first home or are wanting to find a better rate or more flexible features, our comprehensive range of quality products give our home loan solutions specialists the confidence to answer any of your home loan questions.
Access Your Equity
Equity loans allow you to access the equity in your property to fund your renovation project. How much you can borrow is subject to the amount of equity you have built up in your property and other serviceability criteria, but as a guideline, even if you own your home outright you are likely to be limited to borrowing a maximum of 90% of the value of your property.
How do equity loans work?
Equity loans are most commonly offered as a Line of credit loan, which allows you to withdraw funds up to a set limit at any time. You may be able to draw down the initial equity loan either as a lump sum or in stages. Generally a line of credit is an interest-only loan, and in some cases you may be able to capitalise the interest payments. Interest rates are usually higher than for a standard variable home loan.