home equity loan, mortgage refinance

Iconex Home Loans

Home Equity Loan:

A home equity loan allows you to use the equity in your existing property to free up funds for other purposes. The most common uses for the additional funds are as follows:-

Investment property:- The number 1 use of funds, is to buy another property. The equity in the existing home is used to secure the new loan, allowing up to 100% of funds to be borrowed for the new property. Significant tax savings can be made buy structuring these loans correctly, usually it makes sense to have the maximum debt associated with the new property if it is for investment purposes, hence taking advantage of negative gearing.

Home Renovations:- It often makes sense to borrow funds against your home equity to improve the existing property. If done prudently this will usually increase the value of the existing property in excess of the additional funds borrowed, increasing the equity in the property further. Of course the home equity loan will have to be serviced and hence there will cash flow considerations.

Business purposes:- A home equity loan can be used for investing in a business. It must be noted that not all lenders will allow this use of funds and hence the advice of a good mortgage broker is invaluable in selecting the lender that will. It should also be noted that borrowing funds for a business is significantly riskier than using the funds investing in additional property.

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DAIS Investments Suite 1.04, 339 Military Road Cremorne NSW 2090 Ph +612 9908 8875 Fax +612 9908 7061

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