Increase your loan repayment amount
By bumping up your loan repayments (even by a small amount), you can build up more equity over time and pay off your home loan faster.
Put extra cash into your home loan
Come into some extra cash recently? Maybe you’ve received a raise, a bonus, or you’ve received a tax refund. It’s the perfect time to put away a little extra towards your home loan. By doing so, you can increase your equity and reduce your loan. And – if it doesn’t form part of your usual income, you’re not as likely to notice it coming out of your bank account. Just make sure your home loan allows for additional repayments.
Get another valuation on your home
If you don’t remember the last time you got your home valued, it’s probably time to get another one. Your home’s value dictates how much equity you have, so getting a higher valuation can give you more equity if the valuation comes out higher than when you originally bought your home.
Get into renovating
A great way to increase the value of your home and the equity in it is by renovating. Updating your kitchen, the bathrooms or the gardens around your home can help make your property more desirable, adding more market value. If renovating sounds too expensive, remember, even smaller changes like refreshing the paintwork can add extra dollars to your home’s value and the equity in it.
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