Melton Equity is the difference between the market value of your property and the amount you still owe on your home loan and there are many ways you can use it to your advantage.
Equity may be used to do maintenance or renovations throughout your home, or even as a deposit to buy an investment property. Don’t forget the possibility of a new car or a well needed holiday!
It may also be used to drive down the interest rate on your mortgage. Some of the lowest rates on the market are being reserved for those who already have sizeable amounts of equity in their property, according to research.
You can build the equity in your home by making more regular or larger payments, or increasing the value of your home by renovating.
If you want to find out how much equity you have in your home, please contact us on 9743 6400 to organise an appraisal. Location, presentation, size and market conditions are just some of many factors that will determine your property value.
