Firstly what is exactly is equity – quite simply its the difference between the value of your property and the loan against it. Most lenders will allow you to secure a valuation against your property owned and secure a loan up to 80% (sometime higher) of its value.
For example a $1.0m home valuation with an exisating $500,000 home loan would support a maximum loan size of $800,000 (80% of the valuation). The released equity is $300,000. Most lenders will enable you to use this for any worthwhile purposes