Accessing the equity in your home could be the best way to fund your future travel plans. Equity is the difference between the value of your property and the amount you still owe on your home loan. If you’ve paid down some or all of your loan, and/or your home has increased in value, you may be able to use your equity!

Posted in: Insights, News

14/10/2021

Will you be travelling in 2022?

You’ve been home since March 2020. You’ve done the staycation thing….a few times now. You are starting to miss turbulence and aeroplane food. Heck, you even wish you could experience falling asleep with your head against the aeroplane window only to be woken up by cabin crew. Or maybe have the back of your seat kicked by the grumpy traveller behind you!

Whatever your reasons for travelling might be, wouldn’t it be great to start planning?

The advice from The Peter Doherty Institute for Infection and Immunity, a public research organisation that few Australians had heard of before the COVID-19 pandemic, will be shaping Australia’s freedoms and health over the next year or two. When Australia reaches Doherty’s threshold of 80% full vaccination around the states and territories and at a federal level, the country will move to phase C of the four-phase plan for reopening. No exact date is given for reaching phase C, but it might not happen until early 2022.

Phase C will allow for vaccinated Australians to head overseas without having to isolate on return unless there is a sudden outbreak in the country they visited. According to the Doherty report, during phase C Australia can “lift all restrictions on outbound travel for vaccinated people”, with only “proportionate quarantine” measures required. This is presumably a nod to home quarantine for which South Australia is leading that charge, conducting a pilot program.

Accessing the equity in your home could be the best way to fund your future travel plans. Equity is the difference between the value of your property and the amount you still owe on your home loan. If you’ve paid down some or all of your loan, and/or your home has increased in value, you may be able to use your equity!

Whether you can borrow additional funds to access the equity in your home will depend on a number of factors, such as your income, living expenses and how much you owe on your current homer loan. Lenders Mortgage Insurance may apply depending on the amount you want to borrow and the property valuation. The circumstances of your loan will also determine whether this may apply.

Call us on 8300 8300 or email us on info@bernielewis.com.au to speak to one of our Bernie Lewis mortgage brokers to discuss your equity options.

Happy travelling!