Can I top up my personal loan?

Looking for some extra funds? Find out what’s involved in topping up your existing personal loan.

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.

NOW FINANCE Personal Loans

NOW FINANCE Personal Loans


7.95 % p.a.

fixed rate


9.56 % p.a.

comparison rate

  • A competitive fixed rate
  • Apply for up to $40,000
  • Receive your funds in 2 hours
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100% confidential application

NOW FINANCE Personal Loans

Benefit from your own personal loan manager and seven years to repay what you borrow. Receive a tailored interest rate between 7.95% p.a. and 16.95% p.a. based on your risk profile.

  • Interest rate from: 7.95% p.a.
  • Comparison rate: 9.56% p.a.
  • Interest rate type: Fixed
  • Application fee: $395 (Based on $10,000)
  • Minimum loan amount: $5,000
  • Maximum loan amount: $40,000
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Compare personal loans that allows top up

Rates last updated August 16th, 2018
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
NOW FINANCE Personal Loans
From 7.95% (fixed)
1.5 to 7 years
$395 (Based on $10,000)
Get rewarded with a low interest rate for your good credit history. Rates from 7.95% p.a. to 16.95% p.a. depending on your credit score.
Westpac Unsecured Personal Loan
12.99% (fixed)
1 to 7 years
A competitive, fixed rate personal loan that allows you to make extra repayments.
St.George Secured Personal Loan - Fixed Rate
From 8.49% (fixed)
1 to 5 years
Use your car as security and benefit from a competitive interest rate.
St.George Secured Personal Loan - Variable Rate
From 12.74% (variable)
1 to 7 years
Use your car as security to benefit from a competitive variable rate.

Compare up to 4 providers

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
  • 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
  • Possibility of early repayment fees with 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.

Will my loan top-up be listed on my credit file?

Yes. Your credit file 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 files.

Which lenders allow you to top up your personal loan?

Brand Top-ups offered? Fees and restrictions Eligibility
act. No - -
ANZ Yes A loan approval fee may apply.
Bank Australia No - -
Bank of Melbourne Yes A loan approval fee may apply.
BankSA Yes A loan approval fee may apply.
Bankwest No - -
bcu No - -
Bendigo Bank No - -
BOQ No - -
Citi No - -
CommBank Yes A loan approval fee may apply.
CUA No - -
Gateway CU No - -
HSBC No - -
IMB No - -
Latitude No - No - -
ME No - -
MoneyPlace No - -
MyState No - -
NAB Yes You can't increase your loan amount if you have already borrowed the maximum loan amount of $55,000.
NRMA No - -
Pepper Money No - -
QT Mutual Bank No - -
RACQ No - -
RACV No - -
RateSetter Yes You can apply for a loan top-up if you've made at least six monthly payments towards your existing RateSetter loan.
SocietyOne No - -
St.George Yes A loan approval fee may apply.
Westpac Yes A loan approval fee may apply.

How do I top up my personal loan?

Topping up a personal loan involves a couple of steps:

  1. 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.
  2. 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.
  3. 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.

How to refinance your personal loan

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.

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HSBC Personal Loan

A competitive fixed interest rate loan with the option to make extra repayments. Rates range from 9.5% p.a. to 15.99% p.a. based on your credit history.

SocietyOne Unsecured Personal Loan

Based on your risk profile, you will receive a tailored rate between 7.5% and 20.49% with a SocietyOne personal loan.

Harmoney Unsecured Personal Loan

Interest rates are tailored to each applicant individually, and start from as low as 6.99% p.a. to 26.95% p.a.. based on your credit history.

Latitude Personal Loan (Unsecured)

An unsecured loan with a tailored rate from 13.99% p.a. to 29.99% p.a. designed for multiple purposes including renovating, buying a car or travelling.

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