A recent Australian survey has found that 17% of home owners have borrowed against their home for items such as home renovations, school fees and holidays.
Is borrowing against your home a good idea?
For those who have purchased recently, using a small to moderate deposit, than borrowing against your home may not be a good idea.
However, those whom have significant equity, or who have purchased some time ago, releasing equity from your home can have its benefits.
Of those who have borrowed against their home, 34% used the funds for home renovations, 19% to fund childrens education, 16% to pay off a personal loan and 7% to pay off a credit card.
Getting Help With Your Equity Release Home loan Application
On top of looking at the amount of equity in your property, and your overall borrowing capacity, lenders will also vary in terms of how much they will release in equity, and what sort of documentation they require for this.
Luckily, you can pass off all the hard work involved in applying for a home loan to someone else. At Bee Finance Savvy, we take pride in making the home loan application process as simple as possible for all our clients. We do the hard parts so that you don’t have to!
The first part of our process involves assessing your situation, including your income and expenses. This allows us to work out how much you can borrow, and which lender suits you best.
We let you know exactly which information and documents you need to provide, and we keep it simple.
When we’ve assessed your situation, found the right lender, and gathered your documents, then we take care of the application itself.
If you’d like to talk to a broker who’ll make the process of applying for your equity release home loan easy, speak to our lovely broker Desiree.
If you’d like to hear from just some of our satisfied customers, take a look at our reviews on WOMO https://www.wordofmouth.com.au/reviews/bee-finance-savvy-miranda