A home equity loan is a type of home loan available that allows you to borrow money using the equity in your existing home as collateral. A home equity loan is also known as a line of credit and can be used for various reasons such as to carrying out renovations to your home, to purchase another property, purchase new furniture or however you desire. The amount of equity that your lender allows you to borrow is calculated by the value of your home minus the balance of your existing mortgage.
This type of secured loan is regarded as an interest only loan as you are only required to repay the interest charged on the funds you use, which is charged to your account on a monthly basis. There is no set period that the balance needs to be repaid by, however the majority of lenders permit you to make additional repayments, which you can redraw on as required provided there is sufficient credit available.
Refer to the table below to see the range of home equity loans available.
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Monthly repayments are based on advertised rate, loan amount and selected payment frequency over 25 years.
The comparison rate is based on secured credit of $150,000 and a term of 25 years. WARNING: 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.
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.
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