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.
We’ll waive your establishment fee
We'll cover the $400 setup fee and the first valuation fee on your loan increase.^
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, fixed rate home loans or bridging loans.
Estimate useable equity
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.
You could increase the size of your loan if you’re a property investor, but you need to be careful about tax. We recommend you get professional tax advice before you apply for an increase on an investment home loan.+
A home loan top up or increase is a way to borrow extra money against your current home. If you have equity in your home and the ability to make extra repayments, you may increase your existing home loan limit to allow you to pay for renovation, a car, a holiday, school fees, extra cash etc.
Things you should know
Home loan increases are subject to approval. Credit Criteria, fees and charges apply. Terms and conditions available on request. Based on Westpac's credit criteria, 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 to your own circumstances and, if necessary, seek appropriate professional advice.
^Offer may be varied or withdrawn at any time.
+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.