minimum amount you take in Equity.

[Wirra436]

Hi All.

Im just curious when your unlocking equity from a property of your own is there a limit amount that you wont bother taking the equity? and why?

For example, I have recently had my bayswater WA property valued.
Came back at $575,000.
Owe $504,000.
So.... 90% LVR would equal $517,500.
Possible equity release $ 13,500.

Is it worth it to even take? Or is possible to go 95% equity release?

The original Home loan was 95% lend on a 513k purchase price.

I have topped on this property once before.
Lender CBA.

Thoughts........

 

[D.T.]

Ive done a 20k equity pull day after settlement. Thats probably minimum I'd do.

 

[Terry_w]

I have had clients that have done $8k a few times on multiple properties. But this was say 2 years ago and it allowed them to get into more property quicker which has paid off for them.

 

[Vixs]

It would also depend on how much the LMI is going to be, and how much you have paid previously. You could very easily start eating up half your equity release with LMI.