Personal asset lenders will advance money against fully paid up properties. They will however insist on registering a bond over the property as security. The property needs to be owned by you and be bond free. This is typically a very good way for you to raise funds.
Things that will affect the amount lenders will be willing to advance include:
- The location of the property
- The condition of the property
- Your ability to service the loan
- Comparative sales history of properties in the same area
Typically a lender will advance 50%- 60% of the conservative value of a property.