Unlock your Home Loan Piggy Bank

With the recent sharp increase in property values your current home could be a pot of gold.

Property prices have increase about 20% - 30% over the past year but according to economists this current boom will not continue or much longer despite recent changes in property taxes announced in the budget speech.

You could get a health profit by selling your home at this time while the property market is hot, but remember you'll need to spend about the same for a home of similar size and in a similar location.

There is another way to access that pot of gold your house currently sits on. You can unlock the value of your property by staying right where you are.

You, as a property owner, can have your property revalued and apply for a further advance on your home loan of up to 100 percent of the new value of the property.

So for example, your home was initially valued at R250 000 and your home loan at the time was R250 000 and your property has since be revalued to be worth R500 000 - you will be entitled an extra R250 000 on your home loan.

It doesn't matter whether you want to use the equity in your home to make an investment or to splurge on consumer goods banks generally lend subject to the normal credit criteria: whether you can afford the monthly repayments.

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