Refinancing & investing
Equity Release and Debt Consolidation
If your home has grown in value, that equity can fund a renovation, a deposit on an investment, or clear high-interest credit cards and car loans. Rolling short-term debt into a mortgage can cut the monthly bill, but it can also mean paying it off over decades. We show you both sides before you decide.
Homestead is a mortgage broker, not a lender. Our service costs you nothing.
How it works
- 1
We estimate your usable equity and look at the purpose of the funds.
- 2
For debt consolidation, we compare total interest over time, not just the monthly repayment.
- 3
We structure the loan, often with separate splits, so each purpose stays clear.
- 4
We arrange the new loan and payout of the debts being consolidated.
Who it suits
- Owners planning a renovation or extension
- Owners wanting to use equity for an investment deposit
- Households juggling several high-interest debts
- Anyone wanting one simple repayment
What lenders look at
A guide only. Each lender sets its own criteria, and they change.
- Equity available, usually up to 80% of the property's value
- Income that supports the new total loan
- A clear purpose for the funds
- Conduct on existing debts
Frequently asked questions
It can lower your repayments and interest rate, but spreading a car loan or credit card over a 25 to 30 year mortgage can cost more in total. The answer depends on your plan to pay it down. We show the total cost both ways.
Most lenders will lend up to 80% of the property's value without LMI, less what you already owe. Your income still has to support the larger loan.