Top Up My Existing Loan

Step 1: Determine Your Borrowing Capacity

Your lender will assess whether you can afford the increased loan amount. They consider:
✅ Your current income and expenses
✅ Your existing mortgage balance
✅ Your property’s current value (equity available)
✅ Your credit history

Step 2: Get a Property Valuation

Since you’re borrowing more, the lender may require a valuation to confirm your home’s current market value. The equity in your property will determine how much extra you can borrow.

Step 3: Submit a Loan Top-Up Application

You'll need to provide:
📄 Recent income proof (payslips, financial statements if self-employed)
📄 Details of existing debts (if consolidating)
📄 Purpose of the top-up (e.g., renovation quotes, car purchase details)

Step 4: Loan Assessment & Approval

The lender reviews your application, ensuring you meet lending criteria. If approved, they will provide updated loan terms.

Step 5: Loan Structure & Disbursement

Your top-up can be structured as:

• A separate loan (e.g., fixed or floating)
• An increase in your existing mortgage
• A revolving credit or offset facility for flexible access

Once approved, funds are deposited into your account or paid directly to creditors (for debt consolidation).

Things to Consider

✅ Interest rates may differ from your current loan rate
✅ Your repayments will increase, so ensure affordability
✅ Some lenders charge fees for loan top-ups

Need Help?

At Smartmortgages.co.nz, we help clients top up their mortgages efficiently, whether it’s for renovations, debt consolidation, or other personal goals. Contact us today to explore your options!

Would you like help structuring your loan top-up? Let’s chat!