Looking to renovate, purchase something special or consolidate debts? You could top up your existing home loan for that little bit extra.
Where do I start?
Whether you’re renovating, buying a new car, planning a wedding or consolidating debts – you could get that little bit extra you need from your current home loan.
Topping up your home loan
A top up means borrowing more on top of your existing home loan.
If you’re looking to top up your home loan for a significant renovation project likely to require a building consent and progress payments, you may consider whether a building loan is suitable for you.
Adding to your existing home loan will mean that you owe the bank more. It will also usually mean that your regular payments will increase, and depending on the term of your new top up loan, it may increase the time it takes to pay off your home loan.
If you think that a top up may be right for you, get in touch with one of our team today to discuss your options.
Benefits of a home loan top up
- You’ll usually get a lower interest rate than you might get for a personal loan or credit card.
- You have the flexibility to choose a home loan structure and rate that works for you.
- You can apply via our online application, and one of our team will call you to discuss.
How much can I borrow?
The amount you can borrow will depend on a number of things, including the equity you have available in your home and your personal financial situation. You’ll need to retain a minimum of 20% equity in your home to be eligible for a home loan top up, or more if your property is an investment.
Talk to one of the team to see if you're eligible for a home loan top up.
Other things
To think about
Ways to borrow
You can structure your top up as an increase on your existing home loan, or as a separate loan with a term that suits you.
Renovation Top Up
If you’re getting a home loan top up for a renovation project that requires a building consent, there is additional information we'll need from you. Let us know what you’re planning and we’ll help get the right paperwork together.
Insurance
If you’re renovating, you’ll need to ensure that your insurance reflects the new replacement cost.
Home loans
Choose what's right for you
Your rate
Whether you’re after the certainty of a fixed term, the flexibility of floating, or a combination of both, we have a range of competitive rates to offer.
Your home loan options
When it comes to loan type and repayment plans, one size doesn't fit all. Enjoy the freedom of a revolving credit, or make budgeting easier with a fixed home loan - whatever works best for you.
Work out your repayments
Align your repayments to suit your lifestyle, whether it's weekly, fortnightly, monthly or quarterly. Use our home loan calculator to see what your repayments could be.
Manage your home loan
With a little planning and some helpful home loan tools, you can shorten the length of your loan term, reduce the amount of interest you pay, and save money in the long run.
Apply now
Apply online or chat to a lending specialist
You can start your application online today or send us an enquiry with your key details. One of our lending specialists will get in touch to chat through your home loan options, answer any questions and guide you through the home loan process.
Don't forget to read this bit
General Lending Terms and Conditions:
- TSB may approve residential loans with less than a 20% deposit subject to bank funding requirements.
- An early repayment fee may apply on fixed rate loans.
- All interest rates are subject to change.
- Lending criteria, terms and conditions and fees apply.
- When you bank with TSB you agree to our General Terms.