Glossary
Glossary of terms and acronyms related to Australian banking, finance and investments.
Home Equity Loan
A home equity loan is a loan secured by the equity or part of the value of the property. Also called a second mortgage, it allows you to borrow money off your home's equity for major expenses, such as college education, home remodeling, and medical bills. There are two main types, closed end and open end. A closed end home equity loan gives you a fixed lump sum upon closing, while an open end loan allows you to borrow any amount anytime as long as your equity allows. Both types entail additional costs such as appraisal fees, surveys and title fees.
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