Welcome to the forums and thank you for reaching out to us.
You can use your equity to buy a second property even with no deposit.
A home equity loan basically lets you borrow against the equity you have in your home and invest it in another property, renovate, repay your debts (consolidate), etc.
Since you are using the equity to buy a second property, you will need a letter from your conveyancer to confirm you are looking for a property or a copy of the contract of sale when a property is found.
To qualify for an equity home loan:
- You must owe less than 80% of the property value on your home loan.
- Perfect mortgage repayments.
- Provide last two payslips.
- Provide most recent group certificate.
- Credit file must be clear of black marks.
- You can generally release up to 80-90% of the value in your property in equity to buy a second property.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for an equity home loan.
Cheers,