Topping up your home loan

How it works

Topping up your home loan means you’re borrowing more against the equity in your home. Your equity is the value of your property less the amount you owe on it. With a home loan top-up, you get cash to spend, but your mortgage will be bigger.

What you could borrow for

You could top up your home loan to pay for things like renovations, home energy improvements, a new car, or to consolidate some debt – and there are terms available for up to 30 years, depending on what you’re planning.

Here’s why a home loan top-up could work for you

• You could pay lower interest

Home loan interest rates are usually lower than personal loan or credit card interest rates, so it can be a smart way to borrow and reduce your interest costs.

• Structure your top-up how you like

You can structure the top-up to suit you – depending on your circumstances, you can set the term and choose between a fixed or floating rate to best meet your needs. A revolving credit home loan could be a good option, particularly if you’re renovating. It means you only pay interest on the amounts you take out, to pay project bills for example, rather than the whole amount.

• You could apply now

You can apply for a home loan top-up whenever you need it. Please see interest rates and fees for full details.

How much you could borrow?

Just as when you first took out your home loan, the amount you could borrow will depend on the current value of your home, how much you still owe and your income and expenses.