Home equity You might have it Or even have lots of it

Use it to pay for things like renovations

Credit and suitability assessment in under a week

Access to your funds within 48 hours of approval

Home equity basics

Chances are you already know most of this stuff. But here’s a little refresher just in case.

What’s equity?

Equity is the difference between your home’s value and any outstanding loans you might have on it. ING lets you use up to 80% of your home’s value. So, if your home is worth say, $600K and you’ve got $300K remaining on your loan, we work out your useable equity this way:

House value: $600K x 80% = $480K
Still owing: $300K
Useable equity: $480K – $300K = $180K

How it works

If you can access equity, you could use it to make home renovations, pay off other debts or simply pay for household expenses. Handy stuff, equity.

How to build it

Improvements or renovations to your home can be a great way to put more oomph into your equity.

Get some how-to tips below.

Knowing its value

A property valuation is the first step in calculating your equity. Not by your uncle, though. It’ll need to be completed by an ING approved appraiser. With that done, a quick chat with one of our home loan specialists will give you a good idea of how much useable equity you can access and whether there’ll be any fees or charges if you do.

Top tips for improving your property

From a quick lick of paint to seriously lashing out, renovations add value to your property.

  • Fresh paint, inside or out.
  • Do more than mow. Landscape gardens and refresh your decks and driveways.
  • Update your bathrooms. Add some clean lines to those clean surfaces.
  • Get a knock-out open plan kitchen.
  • Funk up your flooring with some mod finishes.

The benefits

  • Interest rates that are typically cheaper than short-term unsecured debt – like a personal loan or credit card.
  • Easy application process. We’ll arrange the valuation for you, so, that’s one less thing to worry about.
  • Credit and suitability assessment in under a week.
  • Access to your funds within 48 hours of approval.
  • Access to use the funds at your own pace. We’ll pop the money in your redraw, so you can use it as you need it.

The features

  • Use it to pay for things like renovations
  • Because we put the money in your redraw this means you can use it as you need it, and you’ll only be charged interest on what you use.
  • No paperwork to sign (Yippee) – we can assess and process it all on the phone (however, we’ll still need a few documents like payslips but this can all be done over email)