HOME LOAN TOP UPS

Dreaming about a new bathroom or kitchen or a new family vehicle?

Borrowers typically use a home loan top-up for various purposes, including home improvements, renovations, debt consolidation, education expenses, or any other significant expenses. The eligibility for a home loan top-up is often based on the equity built in the property. Equity is the difference between the property's current market value and the outstanding balance on the existing home loan.

To apply for a top-up, borrowers need to submit an application to their lender which a mortgage adviser can do on your behalf. The application process may involve providing updated financial information, proof of income, and details about the intended use of the additional funds. The repayment terms for the top-up amount are usually integrated into the existing home loan. This means that the borrower continues making regular mortgage payments, now including the additional funds from the top-up.