Equity Release & Cash Out Home Loans | Jimboomba, Tamborine and Logan

Do you have equity in your home that you would like to use for renovations, or even to purchase a new family car? Tim and Joel can help you find the perfect home loan product for your lifestyle goals.

With the value of houses soaring and interest rates still very low, there is a very good chance you've got a fair bit of equity in your home right now that you can use for things like renovations or investments AND you can potentially lower your interest rate at the same time.

What is an Equity Release?

An equity release or a top up loan is an additional loan on top of your current mortgage. The amount you can release will depend on how much you have owing on your home loan and the value of your property.

What is a Cash Out Refinance?

A cash out is a complete refinance of your current mortgage with an additional amount cashed out to be used for improvements on your home, renovations, investment purposes or even to purchase a new car in some cases.

Equity Release vs Cash Out Refinance

So what option is best for you? Well, it all depends on what your current home loan interest rate is and what your required use of the equity funds is for.

If your current home loan interest rate is higher than the interest rates available right now, it is suggested that a complete refinance and cash out is your best option to benefit from the lower interest rates available.

You may even have lower repayments on a higher debt with the lower interest rate on the cash out refinance option.

If however, your current home loan interest rate is quite low and you don't want to refinance the entire mortgage, it is suggested that a simple equity release with your current lender might be the best option for you. This way you can get access to the funds required and pay a slightly higher interest rate on the equity release portion only.