The lowdown on home loan top-ups

The benefits

Topping-up (increasing your loan amount) allows you to access the equity accrued in your house. Like a redraw, you can use a top-up for all sorts of expenses. These include:

  • home improvements
  • consolidating debts
  • purchasing a new car
  • paying for a wedding
  • funding your children’s education.

A big benefit of a top-up is that it can be cheaper than other types of borrowing. This is because home loans generally have lower interest rates than personal loans or credit cards.

Things to keep in mind

Opting for a top-up on your loan means that you are increasing your mortgage. This means you’ll need to consider:

  • how much this will extend the life of your loan
  • how much your repayments will increase by
  • whether you can budget for this with your other financial commitments.

Finally, the amount you can borrow depends on your personal financial situation, the value of your property, and your bank's standard lending criteria.

How much equity do I have in my home loan?

By increasing your home loan amount you may have equity available to put towards other projects. Use our handy equity loan calculator to see how much equity you have accrued in your home loan.   

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Terms and Conditions

The information contained in this article is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, NAB recommends that you consider whether it is appropriate for your circumstances. NAB recommends that you seek independent legal, financial and taxation advice before acting on any information in this article.