What to expect when increasing my loan?

 

An increase on your variable home loan enables you to access equity for many purpose.  Whatever your reason, the process is simple and we’ve put together a guide to outline what’s involved.


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Call us or complete our online enquiry form to discuss your lending options with us.

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What you’ll need to do

You’ll need to have a good understanding of your goals and financial objectives, to make sure that increasing your home loan is the right option.

Before you apply for a loan increase you’ll need to do some preparation. You’ll need to:

  • know your gross income
  • determine what you can afford – view our borrowing power calculator determine if you need to update your home and contents insurance
  • know your current assets, including estimated values
  • determine your current liabilities, including credit limits
  • establish the approximate value of any property offered as security
  • establish when you need access to funds
  • consider if you want to borrow your home loan increase fees in the loan amount
  • decide if you want a credit card linked to your loan

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Please note that you can only increase your existing loan amount if you have a variable rate loan. If you’re currently on a fixed rate we may be able to break your loan and refinance to increase your loan amount.

Find out more about the refinancing process

What you’ll need to do

When you apply for a loan increase you’ll need to:

  • provide evidence of income i.e. pay slips
  • provide a certificate of currency for building insurance
  • determine if you’d like to take out mortgage protection insurance
  • sign an application form

What we’ll do

During the application process we’ll:

  • complete the credit increase application form based on the information you provide
  • advise you of supporting documentation requirements relating to your loan scenario
  • review your credit history
  • advise of fees and charges involved – see our fees and charges brochure for more information
  • organise a valuation if required
  • calculate your Loan to Valuation Ratio (LVR) to determine if Lenders Mortgage Insurance (LMI) is required

What you’ll need to do

There isn’t anything you’ll specifically need to do during the approval process, as we take care of this for you. If we have any additional questions relating to your loan, we’ll contact you.

What we’ll do

During the approval process we’ll:

  • verify all documentation you provided
  • assess your ability to repay the loan
  • perform a valuation if required
  • obtain Lenders Mortgage Insurance (LMI) if required
  • provide you with an assessment decision
If your loan increase request meets the required criteria, we’ll notify you of formal approval and advise that your increase will occur in five business days.