Equity

Hi all,

I wanted to see if someone can help me on this.

I bought a 3 bedroom house in Sydenham for 300 K in June 2008. I currently owe around 282 K on my mortgage.

How much equity should I have in my house based on those figures and that house prices have recently risen 6%.

Thanks
 
Hi all,
I wanted to see if someone can help me on this.
I bought a 3 bedroom house in Sydenham for 300 K in June 2008. I currently owe around 282 K on my mortgage.
How much equity should I have in my house based on those figures and that house prices have recently risen 6%.
Thanks

Old house price = $300K
New val = $300K + 6% x $300K = $318K
Loan = $282K
Equity = $318K - $282K = $36K

Available equity on a 90% LVR refinance
$318K * 90% - $282K = $4.2K = not worth doing aside from LMI you need to pay

Patience grasshopper ........need some more time for CG to work for you yet.
 
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