has anyone here pulled out equity or refinanced a property they have already paid off? which banks do this other than hfck vuna hela? are interest rates lower than regular mortgage? please share your experience

thanks will look at it

Pulling out equity is the easiest way to lose your property. There are very few business ventures that you will do that will enable you meet the costs of servicing the loans. Interest rates are still the same. Banks do this all the time you just go and charge your property for the new loan. Your home equity will only maybe benefit your kids or grand-kids when interest rates are sane. In the meantime you keep a healthy balance sheet.

I recently (Nov 2016) released some equity on a property that I had already paid off in order to finance purchase and construction of another one. As long as you are able to service the loan, I don't see any danger. My biggest concern was the charging process but if you are using a law firm that you can trust, its very calming. The bank through which this was done is CBA. The interest rate was less than 12%

The duration was longer than 7 years. The charging process is a "legal' process the bank insisted on using a lawyer from its panel of lawyers. I assumed its just to make sure that their interest is taken care of (In the sense that everything is above board). They also insisted on mortgage protection and insurance for the property. The whole process took a few weeks broken down as follows a) property valuation 1 week b) Charging process 1 week c)Offer letter and needed insurance a 3 days. When I look back I realize that I could have done some of the process simultaneously to reduce the duration.