Equity mate

What is equity anyway and how do I put my hands on it?
The advertising campaign of the Commonwealth bank has led many Australians to think that the word equity can only be used in conjunction with the word mate! However behind this adverstising is a message that equity is there to spend. So how do you go about spending your equity. That's really easy. What you do is exchange it for debt!!
Banks are like any other business. they have something to sell to their customers which is credit or more precisely debt. You can buy it in all sorts of forms. Equity home loans ( a mortgage with a cheque book), personal loans, credit cards, car loans, investment loans and list goes on and on.
So if you have paid off the mortgage on your family home then you become a target customer for the banking sector because you have the capacity to borrow. They are always looking for customers for their main product which is debt and anyone who has a steady job ( the capacity to pay interest). Make sure that you have something strategic to buy with any additional borrowings or you may find that the additional borrowings are soaked up in lifestyle and you have simply traded your hard earned equity into a debt owing to your bank.

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