What are the Eligibility Requirements for a Cash Out?

Maximising Your Cash Out: A Step-by-Step Guide to Increasing Your Equity and Gaining Financial Flexibility

A cash out, also known as a cash-out refinance, is a financial tool that allows homeowners to access the equity in their property. This equity can be used for various expenses, such as home renovations, investments, or debt consolidation. At Mortgage Street, we understand the value of a cash out and offer Progressive products that provide borrowers with the opportunity to take advantage of unlimited cash out options. However, in order to be eligible for a cash out refinance, there are certain requirements that must be met. 

Firstly, borrowers must have a significant amount of equity in their property. This means that the value of the property must be greater than the outstanding mortgage balance. Secondly, borrowers don’t need to have a good credit history but stable income. This can include both PAYG (Pay as You Go) employees and self-employed individuals, as long as they can demonstrate their ability to repay the loan. 

At Mortgage Street, we believe that every homeowner should have the opportunity to access the equity in their property and make the most of their financial options. That’s why our Progressive products offer unlimited cash out options to the borrowers. We want to help you maximise your cash out, which is why we’ve put together a step-by-step guide to increasing your equity and gaining financial flexibility. To access this guide and to find out more information on the cash out refinance options available, you can reach out to a Mortgage Street accredited mortgage brokers, who will be more than happy to assist you.