Top-ups and renovations
Ready to renovate, extend or upgrade?
Adding to your existing home loan to pay for renovations, a large purchase or another goal. It's usually much cheaper than a personal loan, but it adds to a debt you may repay over decades unless you pay it off faster.
Who it suits
- Renovations and extensions
- Consolidating expensive debts
- Funding a deposit on another property
What lenders look at
- Your current equity and loan-to-value ratio
- Income and expenses at the higher loan amount
- Quotes for the work, for renovations
What to prepare
Tick them off as you go.
Questions to ask
- Should the top-up be a separate loan part?
- Will the renovation raise the property's value?
- Can I repay the top-up faster than the main loan?
Everyone's situation is different. Lenders weigh things differently and small details change the answer. An adviser can tell you where you stand with top-ups and renovations and what to do next.
Talk to an adviserEvery situation is different
Tell us what you're planning and an adviser will work through your options with you.