Home Equity Calculator
See how much equity you have in your home, and how much of it you may actually be able to use. Enter your property value and current loan balance.
What is home equity?
Equity is the share of your property you actually own. It's simply your property's value minus what you still owe on your home loan. If your home is worth $750,000 and you owe $450,000, your total equity is $300,000.
Here's the part many people miss: you usually can't use all of it. Lenders keep a buffer and generally lend up to 80% of your property's value without Lenders Mortgage Insurance. So your usable equity is 80% of the value minus your loan, not the full amount. You can sometimes access more, up to around 90%, by paying LMI, which lets you use more of your equity but adds a cost.
Usable equity can help you renovate, invest, consolidate debt or buy your next property, subject to your borrowing capacity and the lender's assessment. To see how it could work for you, read our guide to reviewing your home loan and equity, or about refinancing.
This is a general estimate, not a loan approval or a property valuation. Usable equity assumes lending to 80% LVR (or 90% with LMI) less your loan balance, but the amount you can actually borrow also depends on your income, expenses, other debts, borrowing capacity, the lender's valuation and policy, and LMI costs. Confirm your position with Mesh Finance.