Hey guys, been looking around the forum for a while now and thought it about time i posed my question!
I purchased a home about 18 months ago and estimate its worth around 500K now. I have a loan for 425K remaining on it.
Just wondering if im likely to be able to access this equity (or at least 80% of it) or am i dreaming?Thanks in advance for your response(s)!
Cheers
BeakaThe 80% rule is to the value of the property not the equity
e.g. House worth 500k x 80% = 400k
if your loan was 370k you would have access to 30k.
You could look at. 90% LVR e.g. 450k less existing debt (net approx 25k).
If the second option works you may only pay a small amount of mortgage insurance noting most of the debt is already insured.
If you change banks you would pay mortgage insurance on the entire debt again.
Banker
You must be logged in to reply to this topic. If you don't have an account, you can register here.
