Home loan top up

There are many reasons why you may wish to top up your home loan. You may wish to consolidate your personal debt into a home loan, complete some renovations, upgrade your car, buy a caravan, or something else. Whatever it is, Mortgage Field can help.

Regardless of the amount you wish to borrow, we are more than happy to assist. Why not get in touch today? 

How do home loan top ups work?

How home loan top ups work can depend on your bank or chosen mortgage broker in Southland or further afield. 

The general principal of it is, though, that you borrow money on top of your home loan by using your home's equity. 

You can consolidate your existing home loan, or take out an additional loan. How much you borrow can also depend on many things, such as: 

  • What you will be using your home loan top up for 
  • How much of your home loan you have already paid off 
  • Whether you can afford your home loan repayments with the home loan top up applied 
  • Your home value
  • Your loan-to-value (LVR) ratio

Has your bank said no or not yet?

If your bank has said no or told you to come back later, then contact us for a friendly chat. A no from your bank doesn't have to be the end of your property investment journey. Mortgage Field has the expertise and field of banks to find the right solution.

So, if you find yourself in need of an alternative solution, let's chat. 

Do you charge for a top up?

We would charge a small fee for your top up in some cases as there is just as much work for us to apply for a top as there would be for a customer who is buying a property. Long gone are the short form top up applications where little information was required. Today, your bank requires an updated full application, income verfied, account conduct tested, updated values on your property and affordability calculation being completed and more.

Why? Banks/ Lenders pay us a commission based on the value of your top up. For example. if you had an existing $500,000 home loan and wanted $20,000 to buy a new car then we would only receive a commission payment for the $20,000. 

This is covered under important information: click here