mango credit, short term caveat loans

Equity Loans and Equity Based Lenders: Are They Right for You?

With a home equity loan you can borrow money using the equity in your home as collateral. This means that your home equity loan in Australia is essentially a second mortgage - it allows you to draw on your asset to spend on items such as home improvements, debt consolidation, cars, or other expenses.

How are Equity Loans Paid Back?

Home equity loans are short term loans that are paid back in one lump sum. Terms are usually between two to twelve months and the loan amount ranges from $10,000 to $500,000.

How Do I Determine My EquityWhen Applying for a Home Equity Loan Australia Wide?

To determine the equity that you have in your home, take the current appraised value of your property and subtract the amount that is owed on the property. For example:
Property’s currentvalue $380,000.00
Less Amount owing $305,000.00
Equity value of the property $75,000.00

Are Home Equity Loans Australia Right for You?

When determining whether to apply for equity loans Australian residents need to consider:

  • How much equity you have is in the property;
  • Whether you can afford to make the lump sum payment in the short term;
  • How much you can afford to repay on the home equity loan

Benefits of Equity Based Lenders and Equity Loans Australia

As equity based lenders in Australia, Mango Credit have far fewer lending criteria than the banks. Poor credit is not a problem when applying for a home equity loan, and there is a very fast turnaround time.

If you have equity in your property, and require a short term loan, lending from a non bank lender will see you have access to the collateral in your home quickly. For great customer service and professional advice on a home equity loan Australia wide Contact US at Mango Credit today.