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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.

Calculate equity

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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.


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 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 advice on any taxation matters.

Key Fact Sheet for Home Loans

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.

Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.