Peak Performance Equity Mortgage
You will have been accumulating equity in your home since the day your loan settled and you made your first repayment. Since equity is the difference between what you owe on your home loan, and the value of your home, as you make your repayments over the loan term, the value of your home is only going up, as property does.
Therefore, after even just a few years you could have built up a healthy amount of equity in the difference between your home loan and your home value, and you can access that equity for your needs now, with a line of credit loan. The Homeside Peak Performance Equity Mortgage helps you manage all of your financial needs with just one loan account, so that you can use the growth of your asset to find your cash flow or other investments.
The Homeside Peak Performance Equity Mortgage has inclusive features such as:
- Access to your equity. Normally your equity is locked away in your home loan, and while you know it’s there and it’s like having money in the bank, you can’t normally just make a withdrawal. However, with a Homeside equity loan you can access that equity and repay it at a competitive variable interest rate.
- Split your loan account. To make it easier to manage your finances all in one place, you can split your loan into separate Peak Performance Equity Mortgages, one for personal and one for investment needs. There is a six monthly service fee which applies to each account.
- Direct credit. You can have your salary and all other incomes directly credited to your loan account and you can do this by giving your employer your loan account details, or setting up a direct transfer from another bank account.
- Unlimited transactions. You can use your loan account as a fee free transaction account making deposits and withdrawals whenever you need to, and making fee free ATM transactions at NAB ATMs.
- Interest charged monthly. Interest is calculated daily, but charged monthly, so every day there are additional funds in your loan account, or you make an additional repayment, you instantly reduce your interest charges.
- Portable loan. Since your needs and life will likely change over the course of your loan term, you are able to keep your loan if you sell your original home and purchase a new one.
- Low doc application. For an additional low doc application fee you can be approved if you are self employed, a contract worker or are unable to verify your income.
- Loan fees. The standard loan application fee is $600 and there is a $70 service fee due six monthly.
Uses of a Line of Credit Equity Loan
Being able to draw down on your equity and having all of your funds in your loan account can seem such a strange concept compared to standard loan accounts and regular monthly repayments. However, when you realise how the Homeside Peak Performance Equity Mortgage can be used, you’ll not only find it can make your finances easier, it can also save you money on your loan.
You can use the Homeside home equity line of credit:
- For an investment loan. If you have equity in your investment loan, you can make that available through a line of credit and reduce much of the stress of investment properties which can be caused by cash flow. Investment properties can rely heavily on rental income, plus there are maintenance costs, repair costs, water and council rates and of course loan repayments to make. However, you can draw down on the equity in your line of credit to cover these costs, and in doing so you only pay interest on the amount you have used.
- As a construction loan or for renovations. If you are building or renovating your own home, you may not want to stick to the structure of a traditional construction loan. Instead, you can draw down on the equity in your home using your line of credit as you need to purchase materials or pay contractors. Plus, since your equity line of credit will have been valued on your old home or your pre-renovation home, when the work is complete, your home will be worth even more, meaning you will have accumulated even more equity.
- To save on interest with an all in one account. Since the Homeside line of credit equity loan offers free transactions, you can deposit all of your income in your loan account, and it will reduce your principal loan amount, and in turn the interest you pay. You can then either withdraw the funds as you need them, or use a credit card with interest free days so your funds can stay in your loan account for as long as possible.
Top Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
 
|
 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
|
 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
|
 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded the 2011 Non bank Lender of the Year this feature-packed loan rewards customers with a bonus rate drop of 0.25% after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
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