Home Equity

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Home Equity

A home equity loan, also known as a line of credit, could be a great option for Australian borrowers who want to take advantage of the equity they have in their current home. At RateCity you can carry out a search online to compare home equity home loans side-by-side, highlighting some of the best deals.

Home equity loans can be used for a range of reasons including, but not limited to, home renovation, to purchase another property or even to fit out your home with new furniture. The amount of equity you can borrow will be worked out by your lender who will calculate the current value of your home minus your existing mortgage balance.

Australian home owners could benefit from this type of home loan as it allows you to pay off the interest only but also offers the flexibility to make extra repayments, if you want to start paying towards the principal also. Generally you have access to redraw funds whenever you need it and for whatever purpose.

If want to make your home equity work for you start searching and comparing Australian home equity loans below.

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Company Product Advertised Rate Comparison Rate Application Fees Monthly Repayment Star Rating Go To Site
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State Custodians Line of Credit 4.69% Variable 4.87% $0 $1,295.09
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IMB Platinum Package Equity Line Advantage 200k+ 5.46% Variable 5.84% $0 $1,413.20
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IMB Equity Line Advantage 5.86% Variable 5.92% $445 $1,476.45
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Transcomm Credit Union Annuity Plus 6.99% Variable 7.16% $1,050 $1,661.58 Not Rated Details
Transcomm Credit Union Accommodation Bond Loan 7.49% Variable 7.66% $1,050 $1,746.32 Not Rated Details

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Data last updated July 30th, 2014

The comparison rate is based on secured credit of $150,000 and a term of 25 years. The comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan. The monthly repayment is based on the advertised rate, your chosen loan amount and a 25 year loan term.

Consider whether this general financial advice is right for your personal circumstances. You may need financial advice from a qualified adviser. Read our detailed disclosure here.