Thinking About Using Your Home’s Equity? Here's How Direct Mortgages Wollongong Can Help
Unlocking the Power of Your Home Equity
If you’ve owned your home for a while, you might be sitting on a hidden financial resource without even realising it: your equity.
Whether you're planning to renovate, need a new car, want to take that long-overdue trip, or are ready to invest in another property, tapping into your home’s equity can be a smart and strategic way to make it happen.
Not sure where to start? That’s where Direct Mortgages Wollongong comes in. We make the process simple and help you use your equity the right way.
What Is Equity?
Equity is the value of your home, minus what you still owe on your mortgage. For example, if your property is worth $750,000 and your mortgage balance is $450,000, you have $300,000 in equity.
The good news is you can often access up to 80 percent of your home’s value without needing to pay Lenders Mortgage Insurance. This gives you funds to use toward your financial goals.
Direct Mortgages Wollongong will calculate exactly how much equity you can unlock and help you decide the best way to use it.
What Can You Use Your Equity For?
Here are some of the most common and practical ways to use home equity:
Renovations
Thinking about a new kitchen or bathroom, or opening up your living space? Using equity to renovate not only improves your lifestyle, it can also increase your property’s value.
A New Car
If your current car is no longer meeting your needs, using equity may be more cost-effective than a high-interest car loan. We can help you roll the cost into your home loan and potentially save on interest.
Travel
Planning a big holiday? Equity can give you the flexibility to book the trip without draining your savings.
Investment Property Deposit
Looking to build wealth through real estate? Many clients use their existing equity as a deposit on a second property. Direct Mortgages Wollongong supports this strategy and can help you take the next step.
Investing in Shares or Funds
For those comfortable with a higher level of risk, using equity to invest in shares or managed funds can be a way to grow wealth. It is not for everyone, but we will guide you through the pros and cons.
Is Using Equity the Right Move?
Accessing equity can be a powerful financial tool, but it should be done wisely. Since you are increasing your loan amount, it is important to ensure your budget can accommodate the repayments.
That is why it is a good idea to seek expert advice. Direct Mortgages Wollongong will help you explore your options and structure the loan in a way that aligns with your financial goals and lifestyle.
How Do You Access Equity?
There are a couple of ways to unlock equity from your home:
Topping up your current mortgage
Refinancing to a better rate with a higher loan limit
We will help you determine the best approach based on your objectives and compare lenders to ensure you are getting a competitive deal.
Ready to Get Started?
You have worked hard to build equity in your home, now it is time to make it work for you. Whether you are looking to renovate, invest, upgrade your car, or treat yourself to something special, Direct Mortgages Wollongong is here to help.
We are local, we know the market, and we are committed to helping you reach your financial goals.
Reach out to Direct Mortgages Wollongong today and take the next step toward making your equity work for you.