Calculate the Equity You Could Borrow to Refinance
Our refinance calculator shows you how much home equity you can potentially borrow to pay off a traditional bank mortgage or other debt such as personal loans or credit cards.
Frequently Asked Questions
How to use our refinance calculator?
There are two simple steps:
First, we need to know your age. The percentage of home equity you can access dependent on your age; it starts at 15% at age 60 and increases 1% each year.
Second, we require information about your home and existing mortgage.
Once you hit the ‘calculate’ button, you will see how much you equity you have to refinance that bank mortgage, as well as any additional home equity available to you. It will also illustrate how much of your home equity you’re accessing compared to your home’s value.
Why should you use our refinance calculator?
If you’d like to be rid of mandatory regular repayments and have greater choice and flexibility in retirement, you should use our refinance calculator.
Refinancing an existing bank mortgage can improve your available monthly income and transform your retirement – after all, everyone deserves a comfortable retirement lifestyle.
What should I look out for when refinancing in retirement?
When thinking about refinancing in retirement, there are two big issues – repayments and default.
With a traditional mortgage provided by a bank or building society, regular repayments are required. If you become unable to meet those repayments, you can run the risk of default and the bank forcing a sale or repossessing your home.
With a Household Loan, regular repayments are not necessary and as such, there is no default risk. You are able to stay in your home as long as you wish. Repayment is required once you sell or leave your home.
It’s worth noting, you are able to make regular repayments on a Household Loan if you choose to do so. A Household Loan can be repaid at any time without penalty.