If you need extra money – whether you’re renovating, upgrading your car or paying off debts – you could get it from your current home loan by doing a top up.

Topping up basically means borrowing more on top of your home loan, something that’s possible when your home has increased in value since you first took your loan out.

This can be a cost-effective way to borrow extra cash, since you’ll generally get a lower interest rate than you’d get from a personal loan or credit card.

What top ups can’t be used for

You can’t use funds from a top up to pay business expenses or to pay a tax bill.

The top up lowdown

The minimum top-up is $20,000 and the maximum is 90% of your property’s value. In some cases we may need to order a property valuation and this would incur a $200 fee. All top-up requests are subject to approval.

Topping up a fixed loan

While it's not possible to top-up a fixed loan portion, we can fund a top-up as a variable rate split loan portion. What this means is that your fixed loan will stay the same as, but there will be a new loan portion for the top-up amount you applied for. There will be a separate repayment for this portion, but it will be on the same date as your existing loan.

Fees

There’s a $250 fee to apply for a loan top up, but the fee is waived if you have a Member Package

Applying for a top up

Applying is pretty simple:

  1. Download the top up application form
  2. Fill out the form.
  3. Return it to ME by mail, fax or email, using the details on the last page of the form.

Remember - If you’re sending forms and supporting documents by email, we can only receive a maximum of 10MB in one email. If your files are larger than this, you can send them in separate emails.

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