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Compare home equity

Compare mortgages and calculate mortgage repayments - Data last updated Today, 18 Oct 2017

Compare home equity

Company
Product
Advertised rate
Comparison rate*
Monthly repayment
Real Time Rating™
Estimated upfront fees
Minimum deposit %
Offset account
Redraw facility
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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.

FAQs

The comparison rate is a more inclusive way of comparing home loans that factors in not only on the interest rate but also the majority of upfront and ongoing charges that add to the total cost of a home loan.

The rate is calculated using an industry-wide formula based on a $150,000 loan over a 25-year period and includes things like revert rates after an introductory or fixed rate period, application fees and monthly account keeping fees.

In Australia, all lenders are required by law to publish the comparison rate alongside their advertised rate so people can compare products easily.

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