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BankWest Cash In On Home Equity
Bank West
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BankWest's Equity Access loan offers a range of features, allowing home owners to borrow against the proportion of their home that has already been repaid.
Bank West offer the option of weekly, fortnightly or monthly repayments, a redraw facility with no fees or minimum withdrawals required and no application fee for the loan itself. The extra cash flow from Equity Access can be used for anything from home renovations, such as adding a pool to your block, to taking holidays, paying off other debts or buying a new car or boat.
Sounds like a dream loan, right? Always do your homework before committing to any one particular loan.
Be sure to check out the risk associated with a loan like BankWest's Equity Access. For example, this type of loan means that you are using your home as security, so always be sure you can make the regular repayments as required.
The number of features offered to borrowers with the home equity loan may be outweighed by the huge long term commitment required, as the minimum loan term for BankWest Equity is 30 years. When you think of it that way, the convenience of having that extra cash to buy a new car may not seem like such a great deal when you're paying the loan off for decades.
Problems with home equity loans can crop up when home buyers are taking equity out of a growing asset, their homes, and transferring these funds into holidays and cars which don't appreciate in value.
Although there are no application fees for BankWest Equity Access, an annual account maintenance fee of $325 is payable in advance. Multiply that by the minimum loan term of 30 years and an application fee suddenly doesn't seem like such a big deal, right?
BankWest Equity Access loan is a line of credit loan which allows borrowers to release the equity they have built up in their homes. The loan is convenient for borrowers as it can be used as an everyday transaction account, with ATM and cheque access. This may be perfect for borrowers needing a boost in cash, but the reasons for needing access to the equity should be worthy, and not create debt problems down the track. You should always speak to your financial broker to find the best solution for your situation.
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