Equity is the difference between the bank’s valuation of your house and the amount you owe on the loan. Equity can build up over time because either your home value has risen or you’ve reduced your loan balance.
To get an idea of how much equity you have, use our home equity calculator.
Once you’ve done that, talk to your local NAB banker about how much you could access for your renovation project.
Using equity to pay for your renovation depends on how much you can borrow.
You need to be able to pay any increase in debt, so having $100,000 equity doesn’t necessarily mean you can borrow that much.