eCentral Business Show©

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What is equity and how do I calculate it? Laura Sillano, Pod Financial

Mon 10:00am 01 Oct 2018
Podcast Audio

DISCLAIMER: Before thinking this advice relates to you, please think again. The advice provided in this feature is of a general nature only and for any advice that relates to you and your particular situation, please seek the advice of a trained and qualified professional.

Laura Sillano's key objective with any client is to help them get the best deal on their home loan. After months or years of paying down their home loan, it's a joy to see that a client's mortgage is reduced and they begin to bring down what's left of that debt. The difference between the value of the property and the amount owing on your mortgage is what's known as equity, or, the amount you technically own of the property. Hypothetically, let's say the current market value of your home is $500,000 meanwhile the home loan value you have on the property stands at $300,000 - that difference there of $200,000 is what is known as equity. Now that's all well and good, however, the question that must be asked is what can you do with that $200,000?

Laura Sillano explains that equity in a home is like latent energy and to unleash it's potential, really depends on what you want to do next. Equity acts like leverage that will help you attain further funding for another project or purpose. Banks and lenders these days have become rather stringent in the provision of further lending unless the project or purpose is worthwhile. What is deemed worthwhile is a question of further investigation, however, some examples may include:

- Deposit on another property
- Swimming Pool improvements
- Painting work
- Lawn and vegetation improvements
- Any non-structural improvements

Laura further notes that banks may re-consider serviceability and character requirements should someone require further lending. John chimes further that if the banks see if you have a history of gambling or reckless spending behaviour, banks and lenders will be less-inclined to lend you further funding irrespective of the equity you hold in a property.

If accessing equity in your property is something that's been on your mind, or if you would like any further assistance on, contact Laura Sillano from Pod Financial today on 0422 320 497 or check out www.podfinancial.com.au


Meet our resident experts

Robert King

Robert King

Accountant

Robert is a fully qualified Chartered Accountant, Registered Tax Agent & Xero Guru. He spends his time helping clients through all stages of the business cycle from setting up a business through to its eventual sale.

Laura Sillano

Laura Sillano

Mortgage Lending

Laura is a Residential Mortgage Broker with over 11 years experience. She is passionate about educating her clients about their options, and provides mortgage lending advice that is grounded by life experience.

Helen Baker

Helen Baker

Financial Planning

Helen Baker, founder of On Your Own Two Feet, is an experienced financial adviser and firmly believes in the benefits of having a strong team of professionals to underpin your financial foundations.



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