Equity Calculator
Calculate how much equity you have available in your home
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Enter your property details to calculate your available equity
Home Equity Calculator FAQs
Home equity is the difference between your property's current market value and the amount you still owe on your mortgage. It represents the portion of your home that you own outright. As you pay down your mortgage and your property value increases, your equity grows.
You can use your home equity for various purposes including: purchasing an investment property, renovating your current home, consolidating high-interest debts, funding education expenses, or starting a business. Most lenders allow you to access up to 80% of your property's value minus your outstanding loan balance.
Available equity is calculated by taking 80% of your property's current market value and subtracting your remaining loan balance. For example, if your property is worth $800,000 and you owe $400,000, your available equity would be $240,000 (80% of $800,000 = $640,000 minus $400,000 = $240,000).
Property growth rates are influenced by various factors including local market conditions, infrastructure developments, population growth, employment opportunities, interest rates, and economic conditions. Different property types (houses vs units) may also experience different growth rates in the same area.
No, lenders typically allow you to access up to 80% of your property's current value to maintain a buffer for market fluctuations and reduce their risk. Accessing more than 80% usually requires Lenders Mortgage Insurance (LMI) and may have stricter approval criteria.
Growth rate estimates are based on historical data and market trends, but property values can fluctuate due to various economic and local factors. Past performance doesn't guarantee future results. For the most accurate property valuation, consider getting a professional appraisal.
Using home equity increases your total debt and monthly repayments. If property values decline or you can't meet repayments, you could face financial difficulties or even lose your home. It's important to carefully consider your financial situation and seek professional advice before accessing your equity.
Not necessarily. You can access equity through various methods including a home equity loan, line of credit, or by refinancing your existing mortgage. Each option has different features, costs, and benefits. An Aussie broker can help you choose the best option for your situation.
It's good practice to review your home equity annually or when considering major financial decisions. Property values and loan balances change over time, so your available equity will fluctuate. Regular reviews help you understand your financial position and opportunities.
Yes, accessing home equity typically involves costs such as application fees, valuation fees, legal fees, and potentially ongoing account keeping fees. Some lenders may also charge establishment fees or early repayment fees. Your broker can help you understand all associated costs.
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