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Using your home equity

Assessing your existing home equity can help you understand how much you can borrow.

Enquire online

Or call us on 13 11 55 Mon-Fri 8am-7pm and Sat-Sun 9am-5pm (AEST)

If you're already a homeowner

Your financial situation will most likely have changed since you took out your first home loan. You may have changed jobs, started your own business, bought a new car, and there may even be a few more mouths to feed at the dinner table. Depending on the age of your current home loan and the features you may have taken advantage of, you may have built some equity in your home, too.

What is equity?

Equity is the difference between the value of your current home and the amount still owing on it. So if your home is valued at $600,000, and you still owe $300,000 on your current home loan, the equity in your home is $300,000.

Using home equity to build your wealth

Your home equity generally grows over time.  This increase may be thanks to an increase in the property market, your dedication to repaying your loan by making additional repayments or a combination of these things. Equity in your home is valuable as it’s building your wealth. It can also be used to secure funding for a deposit on a new investment property. If you do this with Suncorp Bank, you can borrow up to 90% of the property value (inclusive of Lenders Mortgage Insurance). But keep in mind, if you borrow more than 80% of the property’s value, you’ll have to pay Lenders Mortgage Insurance.

Enquire online to speak to someone from our experienced team of home loan specialists.

Thinking about
making
eco-upgrades
to your home?

-

Discounted Back to Basics Variable Rate with Green Upgrades Equity Home Loan Offer. Owner Occupied or Investment. New to bank lending ≥ $10k-25k. Maximum LVR 80%. Principal and Interest Repayments. View complete eligibility requirements, terms and conditions.

Ways to build your home equity

Equity is something that will change and grow over time. But there are some simple things you can do as a home owner to increase the value of the equity in your home in the timeframe that suits you.

1. Renovations and home upgrades will add to the value of your home.

If you're savvy about the planning and budgeting that goes into a renovation project, you could reap the rewards of higher value in your home. Whatever renovations you may be considering, research is key to your success.

2. Make your repayments regularly

It may sound simple, but keeping regular or even increased repayments is the best way to reduce your loan balance and grow your equity. Use the Suncorp Bank loan repayments calculator to work out how much you could save through different repayment scenarios and timeframes. But make sure you check whether your loan allows you to make extra repayments or whether this will incur a further cost. 

3. Use a lump sum payment

If you've got access to a lump sum payment you might be tempted to splurge on a holiday or new car. But another option is for you to use this as a lump sum payment towards your home loan. Speak to your Home Loan Specialist to confirm whether this is an option that's suitable.

If you're already a homeowner

Your financial situation will most likely have changed since you took out your first home loan. You may have changed jobs, started your own business, bought a new car, and there may even be a few more mouths to feed at the dinner table. Depending on the age of your current home loan and the features you may have taken advantage of, you may have built some equity in your home, too.

What is equity?

Equity is the difference between the value of your current home and the amount still owing on it. So if your home is valued at $600,000, and you still owe $300,000 on your current home loan, the equity in your home is $300,000.

Using home equity to build your wealth

Your home equity generally grows over time.  This increase may be thanks to an increase in the property market, your dedication to repaying your loan by making additional repayments or a combination of these things. Equity in your home is valuable as it’s building your wealth. It can also be used to secure funding for a deposit on a new investment property. If you do this with Suncorp Bank, you can borrow up to 90% of the property value (inclusive of Lenders Mortgage Insurance). But keep in mind, if you borrow more than 80% of the property’s value, you’ll have to pay Lenders Mortgage Insurance.

Enquire online to speak to someone from our experienced team of home loan specialists.

Thinking about making eco-upgrades to your home?

Discounted Back to Basics Variable Rate with Green Upgrades Equity Home Loan Offer. Owner Occupied or Investment. New to bank lending ≥ $10k-25k. Maximum LVR 80%. Principal and Interest Repayments. View complete eligibility requirements, terms and conditions.
 

Ways to build your home equity

Equity is something that will change and grow over time. But there are some simple things you can do as a home owner to increase the value of the equity in your home in the timeframe that suits you.

1. Renovations and home upgrades will add to the value of your home.

If you're savvy about the planning and budgeting that goes into a renovation project, you could reap the rewards of higher value in your home. Whatever renovations you may be considering, research is key to your success.

2. Make your repayments regularly

It may sound simple, but keeping regular or even increased repayments is the best way to reduce your loan balance and grow your equity. Use the Suncorp Bank loan repayments calculator to work out how much you could save through different repayment scenarios and timeframes. But make sure you check whether your loan allows you to make extra repayments or whether this will incur a further cost. 

3. Use a lump sum payment

If you've got access to a lump sum payment you might be tempted to splurge on a holiday or new car. But another option is for you to use this as a lump sum payment towards your home loan. Speak to your Home Loan Specialist to confirm whether this is an option that's suitable.

Make your next move with confidence

What can I expect?

Whether you want to get pre-approval, a new loan or refinance your existing loan with Suncorp, you can apply quickly online. Your dedicated lender will review your application and reach out to you in the next business day to discuss your options and answer any questions you have.

Save time, get started online

Are you buying a home or looking to refinance?
You can apply online in around 10 minutes.

What can I expect?

100% obligation free advice

Our experienced home lending team are happy to answer all your questions.
They'll call you within 24 hours to discuss your home lending needs.

If you’d like to speak to someone straightaway, please call 13 11 55 Mon-Fri 8am-7pm and Sat-Sun 9am-5pm (AEST)

Home Loans are issued by Suncorp-Metway Ltd ABN 66 010 831 722 No 229882 Australian Credit Licence 229882 (“Suncorp Bank”) to approved applicants only. Fees, charges, terms and conditions apply and are available upon request. Various products and services are provided by different entities of the Suncorp Group. The different entities of the Suncorp Group are not responsible for, or liable in respect of, products or services provided by other entities of the Suncorp Group. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it. For that reason, before acting on the advice, you should consider the appropriateness of the advice having regard to your own objectives, financial situation and needs. Where the advice relates to the acquisition, or possible acquisition, of a particular financial product, you should consider the Product Disclosure Statement before making any decision regarding the product. Contact us 13 11 55 for a copy. 

Comparison Rate Warning specific to this offer:
##The comparison rate is based on $150,000 and over 25 years. WARNING: This comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^^Discounted rate is only available for new Personal/Owner Occupied or Investment loans taken out as part of the Suncorp Bank Green Upgrades Equity Home Loan Offer. Existing lending ≥$150,000 and new equity lending between $10,000-$25,000 and borrowings ≤80% of the security property value (LVR) inclusive of lenders mortgage insurance (if applicable), with Principal and Interest repayments. The discounted rate (currently 3.39% p.a)  is calculated by subtracting a discount of 2.76% from the Standard Back to Basics Variable Rate (currently 6.15% p.a.) for Owner Occupied Loans, or by subtracting a discount of 3.18% from the Standard Back to Basics Variable Rate (currently 6.57% p.a.) for Investment Loans. Rates and discounts are subject to change and may be varied if the loan purpose or repayment type is changed. Pre-approvals excluded. The discounted rate is available on eligible loans applied for from 12 August 2022 until 31 January 2023 unless withdrawn earlier. 

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Variable Rate

A rate that is variable and is subject to change over the loan term.

Comparison Rate

A comparison rate is a rate that indicates the true cost of a loan. This rate incorporates certain fees and charges that are applicable for the chosen product. For more information about the comparison rate and the comparison rate warning, please refer to the things you should know section of this page.

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