If you have an existing personal loan and are hit with unexpected expenses, you may be considering a loan top-up.
This allows you to add more funds to your existing loan amount, so you can keep all of your debt in one place and stay with your current lender.
Find out how you can get a loan top-up and whether you’re eligible.
First, what is a personal loan "top up"?
A personal loan top up is where you add a certain amount on to a personal loan you already have. This involves submitting another personal loan application with your existing lender and signing a new credit contract. Depending on how much your repayments are increased by you may want to extend your loan terms during this process.
Should I top up my loan or take out a new one?
If you are in need of extra funds, you might be considering whether it’s better to top up your existing loan or to apply for a new loan to consolidate your old and new debt. Weigh up the pros and cons of both options before you apply:
Pros
Cons
Top up an existing loan
The convenience of staying with the same lender
May have more of a chance of being approved
Application fees
Possible restrictions to loan top-ups
Apply for a new personal loan
You may find a more competitive loan and reduce what you're paying
A possibility of early repayment fees with your current loan
What should I check before topping up my personal loan?
Before applying for a personal loan top-up, ask your lender the following questions:
What fees will I be charged? Most banks will charge a single $100-$200 administration fee if you decide to top up your loan. This fee might be higher, lower or even non-existent depending on what kind of top-up options your lender offers. You need to check this before you apply.
Are there any restrictions to topping up my personal loan? You may not be able to apply for a personal loan top-up in the first 12 months of your loan or you may need to have a certain percentage of your loan paid off. Check if any restrictions apply.
Am I eligible for a personal loan top-up? You will need to meet certain criteria for a personal loan top-up. For example, you may need to meet the same eligibility criteria that were set when you applied for the personal loan. If your personal circumstances have changed, check the criteria again to ensure you can still apply.
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Will my loan top-up be listed on my credit report?
Yes. Your credit report shows your debt history and the state of your finances. It’s used by lenders to determine whether you are likely to be able to pay a loan back, and loan top-ups are relevant to this.
When you top up a loan, it gives you more outstanding debt than before, which naturally appears on credit report. You can check your credit report and credit score for free with finder, so you may want to do this before you apply for a loan top-up.
Select your lender from the list below to see if personal loan top-ups are allowed and what loan restrictions may apply.
Lender
Allows top ups?
Criteria
ANZ
Yes
A loan approval fee may apply. To be eligible:
18 years or older
Earn $15,000 p.a.
Australian citizen, permanent resident or have a valid visa
Bank Ausralia
No
N/A
Bank of Melbourne
Yes
A loan approval fee may apply. To be eligible:
18 years or older
Have an Australian residential address
BankSA
Yes
A loan approval fee may apply. To be eligible:
18 years or older
Have an Australian residential address
Bankwest
No
N/A
Bendigo Bank
No
N/A
BOQ
No
N/A
Citi
No
N/A
CommBank
Yes
A loan approval fee may apply. To be eligible:
18 years or older
Have a good credit rating
Australian citizen, permanent resident, New Zealand citizen or hold a 457 visa
Not an undischarged bankrupt
Be employed
Lives in Australia
Meet minimum income requirements
Great Southern Bank
No
N/A
Gateway Bank
No
N/A
HSBC
No
N/A
IMB
No
N/A
Latitude
No
N/A
loans.com.au
No
N/A
ME
No
N/A
Moneyplace
No
N/A
MyState Bank
No
N/A
NAB
Yes
You can't increase your loan amount if you have already borrowed the maximum loan amount of $55,000. To be eligible:
18 years or older
Australian citizen or permanent resident
Earn a regular income
Be able to afford the loan repayments
Now Finance
Yes
A loan approval fee may apply. To be eligible:
18 years or older
Australian citizen or permanent resident (not on 457 visa)
Be employed full-time, part-time, self-employed or casually (casual employees must be employed longer than six months)
NRMA
No
N/A
Pepper Money
No
N/A
Plenti
Yes
You can apply for a loan top-up if you've made at least six monthly payments towards your existing Plenti loan. Eligibility criteria:
18 years or older
Australian citizen or permanent resident (not on 457 visa)
Be employed full-time, part-time, self-employed or casually (casual employees must be employed longer than six months)
RACQ
No
N/A
RACV
No
N/A
SocietyOne
No
N/A
St.George
Yes
A loan approval fee may apply. To be eligible:
18 years or older
Have an Australian residential address
Westpac
Yes
A loan approval fee may apply. To be eligible:
18 years or older
Have an Australian residential address
How do I top up my personal loan?
Topping up a personal loan involves a couple of steps:
The first step is to decide whether a top-up loan is the best solution for your particular situation or if there are other options that are more suitable. There may be fees for simply inquiring about a top-up or for assessing your eligibility, which is why it’s a good idea to be certain before you apply.
Contact your lender. They tend to handle applications on a case-by-case basis and can either accept or decline your top-up application. They may want to discuss your financial needs, check your credit file and assess your eligibility before deciding whether to go ahead with a top-up.
Once your personal loan is topped up, you will need to continue managing your debt.
What to do if your lender doesn't allow a personal loan top-up
As you can see from the table above, not every lender will allow you to add extra funds on top of your personal loan. If you are looking to take out additional funds and you can't do so with your current lender, you can consider refinancing your personal loan. This will allow you to move your remaining debt to another lender as well as borrow additional money.
When you apply to refinance your personal loan you may list the reason for borrowing as "refinancing" or for the purpose you need the extra money. However, keep in mind that the lender will be able to see you already have a personal loan, listing the purpose as "refinancing" will make it clear that you will close your current loan if you are approved.
Am I eligible for a personal loan top-up?
Eligibility requirements for loan top-ups vary depending on the lender. One bank might let you top up while another won’t. Generally, the requirements for topping up are similar to the requirements for taking out a whole new loan. However, they are usually considered on a case-by-case basis for existing customers, which means the requirements tend to be on the more lenient side. The following factors may affect your eligibility for a top-up loan.
Having a history of late repayments with your lender
If your loan has only been active for a short period of time
If your circumstances have changed since you first applied for your personal loan.
Having defaults on your credit report, which are payments of $150 or more overdue by 60 days or more
Your bank may also have particular top-up eligibility requirements. If you’ve decided that a top-up is the right course of action for your needs, the easiest way to find out whether you’re eligible is to contact your lender.
Frequently Asked Questions
The rules for a top-up loan vary by lender but generally include having a good repayment history, meeting credit and income requirements, and being within the allowable limit of your loan. Some lenders may also require a minimum period to have passed since the original loan was taken out.
While you cannot directly add a new loan to an existing one, you can apply for a top-up, which increases the amount of your existing loan. This process combines the additional funds with your current loan balance, creating a single loan with a larger amount. Approval depends on your lender's criteria and your financial situation.
Yes, you can top up your existing personal loan, subject to approval from your lender. This involves borrowing additional funds on top of your current loan balance, effectively increasing your loan amount. To qualify, you usually need to have a good repayment history and meet the lender's credit criteria.
Yes, adding more money to your personal loan is possible through a loan top-up. This option is available with many lenders and allows you to increase your loan amount. You will need to apply for the top-up, and your lender will assess your application based on your creditworthiness and current financial situation.
Yes, applying for a top-up usually involves a credit check, which can temporarily impact your score. However, making repayments on time and managing the increased balance responsibly can help maintain or improve your credit rating over time.
Approval times vary between lenders. Some may approve a top-up within a few hours, especially if you already bank with them, while others could take a few business days to process the application and deposit the additional funds.
You might be able to, but it depends on your lender's policy. Some lenders allow top-ups only on variable rate loans, while others may charge a break fee or adjustment fee for fixed rate top-ups. It's best to check with your lender before applying.
It depends on current interest rates, fees and your credit profile. A top-up may have lower fees since you're an existing customer, but a new personal loan might offer a more competitive rate. Comparing both options before applying can help you find the best deal.
If your current personal loan is in joint names, both borrowers usually need to agree and sign off on a top-up. The lender will assess both applicants' income, credit history and overall ability to handle the increased repayments.
If your top-up is declined, you can still explore other options such as applying for a new personal loan, using a credit card or reviewing your budget to free up funds. The lender should also be able to explain the reason for the decision so you can improve your chances next time.
Yes. When you apply for a top-up, you can often adjust your loan term to better suit your new balance and budget. Keep in mind that extending your term might lower your monthly repayments but can increase the total interest payable.
Usually yes. Even if you're an existing customer, lenders will want updated information such as recent payslips, bank statements and your current expenses to reassess your borrowing capacity before granting the top-up.
In most cases, you can continue to make extra repayments, especially on variable rate loans. However, fixed rate loans might charge an early repayment or break cost, so it's worth checking the conditions before paying extra.
Addicted to details. We know taking out a personal loan is something you'll be hooked up with for a while. That's why we put hours into research for this guide (and still do at least once a month)
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Elizabeth Barry is an experienced journalist with over 10 years of expertise in personal finance, contributing to outlets like the ABC, Sydney Morning Herald, and 7News. She holds a Master of Arts in Creative Writing and a Bachelor of Arts in Communication from the University of Technology Sydney, and has earned multiple award nominations, including a Highly Commended recognition at the 2017 Lizzies. Elizabeth began her career at Finder in 2013, progressing through roles to become Lead Editor, where she oversaw a wide range of personal finance coverage until 2024.
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Addicted to details. We know taking out a personal loan is something you'll be hooked up with for a while. That's why we put hours into research for this guide (and still do at least once a month)
Rates obsessed. Lenders come in all shapes and sizes, that's why we don't just track the big banks, but all the digi folk too. Pretty much everyone but your parents to be honest. 
Cash for whatever you need. Lending rates verified from 180+ products day and night. Whether you're buying a car, rennovating your home or heck just ready to let loose with the spending - we got you.