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Top up your loan

Get access to additional funds with a loan top up

Get access to additional funds with a loan top up

Everyone has their own unique situation when it comes to taking out a home loan, that’s why it’s important to have flexibility. As part of your home loan with us, you can take advantage of home loan top ups. 

Top ups allows you to borrow additional funds against the equity in your home. Whether it be to consolidate debts, complete home improvements, put down a deposit on an investment property or purchase a car. 

Features & benefits

  • Take advantage of lower interest rates than a personal loan or credit card.

  • Put your top up funds into your redraw facility to reduce your interest.

  • Combine the repayment of additional funds into your existing home loan for one easy payment.

What is equity?

Equity refers to the difference between what you owe on your home loan and the current market value of your property. For example, if your property is valued at $500,000 but you owe $100,000, your equity is $400,000. A valuation may be required on your property to determine the current market value.

Things to consider

A home loan top up means you will see an increase in your monthly repayments. Consider this against your loan term and whether extending your loan term could assist you with meeting your repayment obligations. 

By extending your loan term you’ll also be increasing the amount of interest you pay as it will take longer to repay the debt. Where possible, we recommend making additional repayments where you can to reduce the interest charged3.  

How much extra can I borrow?

This will depend on the available equity in your home and a maximum LVR (loan to value ratio) of 90%. Therefore, the most you can apply for is 90% of the value of your property less your current home loan balance4.

For example, if your home has a market value of $500,000, and your existing home loan balance is $100,000, you may be eligible to increase your home loan to $350,000.

$450,000 (90% of the market value) less $100,000 (home loan balance) = $350,000.

Please note, Lenders Mortgage Insurance^ is required if a home loan exceeds 80% of the property’s value.

What are the fees?

Refer to Terms and Conditions: Part B - Fees and Charges for the ‘Home Loan Increase fee’, as well as a full list of fees & charges.

^ Lenders Mortgage Insurance (LMI) is a one-off payment that is generally required when the loan is in excess of 80% of the property value. It protects the lender in the event that the borrower defaults on the loan and there is still money owing after the property is sold. Depending on the value of the property and the loan to value ratio, Lenders Mortgage Insurance may be several thousand dollars.

How to apply


Apply online

Ready to apply or want a conditional pre-approval? It only takes 10 minutes to get started online.

Apply now
Call us

Call us

Speak with a home loan specialist and apply over the phone.

1300 654 822

Not ready to apply but simply wish to make an enquiry?

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If you don't receive a confirmation email, please email or 1300 654 822

Important Information
Home Loan Interest Rates effective 24 June 2022.
Interest is calculated daily. Interest rates are per annum, current at the time of printing and are subject to change without notice.
1. New apps received 1 Sep to 24 Nov 2021, funded by 24 Feb 2022. Not available to existing Bank First owner occupied or investment home loan customers. Min loan $200k, max loan $2m, interest only not available. Premier Package annual fee of $390 will be waived for the first year and charged annually thereafter. Rate includes a 0.33% p.a. discount off the standard Premier Package variable rate for three years after which it will revert to the standard Premier Package variable rate. Not available in conjunction with any other offer. Bank First reserves the right to amend or withdraw this offer at any time.
2. Comparison rate calculated on a secured loan amount of $150,000 for a term of 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees and other loan amounts might result in a different comparison rate. Fees and charges apply. Terms and Conditions available upon request.
3. Maximum of $30,000 per annum can be held in redraw during fixed period. Additional repayments over $30,000 per year during the fixed rate period may incur penalties, the year resets at anniversary of fixing.
4. Subject to approval & conditions apply. Fees & charges apply.