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Can I top up my home loan and borrow additional funds?

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A lot of home loan customers occasionally top up their existing loan for many different purposes. Some people wish to consolidate credit card debt, others wish to purchase a new vehicle and some clients have even used the funds to go on a holiday. The ability to top up your existing loan will depend on how much equity you currently have in your property and you current ability to make the repayments.

In most cases the bank will still need to fully assess your capacity to make repayments on the new loan amount and this will include having to provide new pay slips. It is almost a new loan application and with some lenders you actually need to apply for a new loan! The lender will also take into consideration your current conduct on their existing loan, credit rating and valuation on property.

 A top up on your home loan is normally cheaper than refinancing the entire loan to another lender however if you actually require more funds it is probably an opportune time to sit down with your mortgage broker and look at what options are available to you as you may be able to save thousands and reduce the term of the loan with another lenders product.

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