Home loan increase
What are the benefits of a home loan increase?
Consolidate debts at a lower rate
A home loan increase could help you combine debts such as credit cards or personal loans into your home loan at a lower rate, with only one regular repayment to manage.
Use your equity to free up funds
Put the useable equity in your property towards renovating your home, putting a deposit down on an investment property or any project you have planned.
Combine or split your repayments
You could either combine your new loan with your existing home loan repayments or keep it separate on a different loan term. Flexibility to manage your finances how you want to.
How much equity do you have in your home?
If you’ve had your home loan a while and are up-to-date on your repayments, you may have usable equity to help with a loan increase. Use our equity calculator to check.
What do I need to do before I apply for a loan increase?
Check your product type
You can apply to increase most variable rate home loans, but not self-managed super funds or bridging loans. For fixed rate loans, you may apply to increase your home loan with a supplementary loan.
Estimate useable equity
You can estimate this with our equity calculator. Please note, you may be required pay to lenders mortgage insurance if your loan to value ratio (LVR) is greater than 80%.
Get income documents ready
You will need to provide income documents, such as payslips, when you apply. This will help us check you can afford increased repayments.
Consider repayment history
We take repayment history into account with a loan increase, so make sure your loan accounts are in order before applying.
An extra loan to make sustainable upgrades to your home
You could make energy-efficient and climate-resilient upgrades to your home, with our Sustainable Upgrades home and investment loan on a cool 4.49% p.a. variable rate (4.87% p.a comparison rate^).
What else do I need to know?
Equity is the difference between your loan balance and the market value of your property – if the market value of your property increased since you purchased your home, or you are ahead with your repayments, you may have useable equity to put towards a loan increase. You can estimate your useable equity with our home equity calculator.
Things you should know
Conditions, credit criteria, fees and charges apply. Residential lending is not available for Non-Australian Resident borrowers.
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information and if necessary, seek appropriate professional advice. This includes any tax consequences arising from any promotions for investors and customers should seek independent, professional tax advice on any taxation matters before making a decision based on this information.
+Any tax related information we provide should be used as a guide only. We recommend that you seek independent professional legal and tax advice about your specific circumstances.
^Sustainable Upgrades home loan and Sustainable Upgrades investment loan comparison rate: The comparison rate is based on a loan of $30,000 over the term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.