Cash Out Loan Options
Accessing the equity in your home is a great way to get extra cash to help with those one-off or unusual expenses.
What is an Acceptable Purpose?
You can get cash out against the equity in the property for any worthwhile purpose. Here is a list of the most common reasons people seek to cash out from their property:
Buy a car
Take a holiday
Renovate the home
Payout credit cards
Buy furniture
Provide a gift to family
Pay school fees
Pay medical bills
Small business expenses
Investment purposes
Buy a holiday home
Buy vacant land
Unacceptable purposes are, but are not limited to:
Business expenses
Illegal activities
Gambling debts
Cash Out Versus Redraw
A redraw is completed over the phone, in branch or online with little to no fuss. Cash out is when there are not enough funds for redraw. A full application is required along with income assessment, credit history checks and valuations.
Contact Lendfirst
To find out more and arrange a consultation with one of our mortgage experts, contact us.