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But this strategy has some downsides, so it’s important to go about it the right way. It’s an option for anyone who needs an ongoing line of credit but doesn’t want to rely on a credit card or the high interest rates that come with it. If tempted to overspend, a home equity loan with a lower, set amount may be better than a flexible line of credit. This type of lending product is called a home equity line of credit (HELOC). Depending on the equity you have in your home and its market value, your financial institution may make as much as $100,000 available to you. Also, think carefully about the items you plan to buy with your loan or credit line. When considering this type of loan, remember that your house is the collateral. Because the collateral for the loan or credit line is your home, interest rates are significantly lower than other consumer loans or credit cards. The annual interest charges on a home equity loan or credit line may be fully deductible if you itemize your deductions, an important factor that distinguishes these loans from other forms of consumer credit. Unlike a home equity loan, the rate for a home equity line of credit fluctuates based on an index and often converts to fixed rates after a predetermined period of time.īoth provide access of up to 100% or more of the equity in your home. A home equity line of credit can be accessed at your discretion. Both are secured with a second mortgage.Ī home equity loan is usually distributed in 1 lump sum, and its rate is fixed for the entire term of the loan. You can borrow money against the value of your home with a home equity loan or a home equity line of credit. Because you're borrowing against the value of your home, failure to make loan payments could cost you your home.If you itemize, you can deduct the interest on your home equity loan or line of credit.A home equity loan allows you to borrow against the value of your home when you refinance your mortgage.When assessing ability to service a loan, Westpac may use an interest rate that’s higher than the current interest rate for the loan you’ve requested. Might not be taken into account if you apply for a loan with us, as we’ll make our own calculations.Doesn’t represent a quote or pre-qualification for a loan.We recommend you talk with your financial adviser before taking out a loan. If you need more information, please call 131 900. Before you act on the output of this calculator, please consider if it’s right for you. Is prepared without knowing your personal financial circumstances.Is subject to the assumptions, which are subject to change.Premier Advantage Package Conditions of Use (PDF 89KB) Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters. Before deciding to acquire a Westpac Choice account, read the terms and conditions, and consider whether the product is right for you. Applicants must have a Westpac Choice transaction account linked to the home loan at the time of settlement and must keep this account open for 60 days after settlement. You must either hold or be approved for a Westpac Choice transaction account in order to qualify and continue to receive the benefits of the Premier Advantage Package. #Premier Advantage Package: Conditions of Use and $395 annual package fee applies.
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