top-up-personal-loan

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.

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:

ProsCons
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.

Compare personal loans that allow top ups

Westpac Unsecured Personal Loan

Westpac Unsecured Personal Loan

12.99 % p.a.

fixed rate

14.14 % p.a.

comparison rate

  • Competitive interest rate
  • Flexible repayment options
  • Borrow up to $50,000
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100% confidential application

Westpac Unsecured Personal Loan

A competitive fixed rate loan from Westpac where you can make additional repayments. Loans from $4,000.

  • Interest rate: 12.99% p.a.
  • Comparison rate: 14.14% p.a.
  • Interest rate type: Fixed
  • Application fee: $250
  • Minimum loan amount: $4,000
  • Maximum loan amount: $50,000
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Rates last updated October 24th, 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
Westpac Unsecured Personal Loan
12.99% (fixed)
14.14%
$4,000
1 to 7 years
$12
$250
You'll receive a fixed rate of 12.99% p.a.
Benefit from the security of a fixed rate with the flexibility of additional repayments. Existing Westpac customers may qualify for discounts.
NOW FINANCE Personal Loans
From 8.95% (fixed)
10.56%
$5,000
1.5 to 7 years
$13
$495 (Based on $10,000)
You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan manager. No security required. Note: Get your loan approved and settled before 31 October 2018 and receive a $200 Coles gift card.
St.George Unsecured Personal Loan - Fixed Rate
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$12
$195
You'll receive a fixed rate between 12.99% p.a. and 19.99% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 to fund a range of purposes.
ANZ Fixed Rate Personal Loan
12.45% (fixed)
13.32%
$5,000
1 to 7 years
$10
$150
You'll receive a fixed rate of 12.45% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
St.George Secured Personal Loan - Fixed Rate
From 8.49% (fixed)
9.6%
$3,000
1 to 5 years
$12
$195
You'll receive a fixed rate from 8.49% p.a. based on the value of your car
Get a competitive rate and apply for a larger loan up to $80,000 when you attach a new or used car as security to the loan.
St.George Unsecured Personal Loan - Variable Rate
From 12.99% (variable)
14.06%
$2,000
1 to 7 years
$12
$195
You'll receive a variable rate between 12.99% p.a. and 19.99% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 plus the convenience to make extra repayments and redraw them if you need them.
St.George Secured Personal Loan - Variable Rate
From 12.74% (variable)
13.81%
$3,000
1 to 7 years
$12
$195
You'll receive a variable rate from 12.74% p.a. based on the value of your car
Benefit from flexible repayments and be able to apply for a larger loan up to $80,000 when you attach a new or used car as security to the loan.
ANZ Variable Rate Personal Loan
15.99% (variable)
16.84%
$5,000
1 to 7 years
$10
$150
You'll receive a variable rate of 15.99% p.a.
A flexible loan with amounts starting $5,000 that offers flexible repayments and a redraw facility.

Compare up to 4 providers

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.

Get your free credit report and score

Check if your lender allows personal loan top-ups

Select your lender from the list below to see if personal loan top-ups are allowed and what loan restrictions 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.

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.
How to refinance your personal loan

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Personal Loan Offers

Important Information*
HSBC Personal Loan

You'll receive a fixed rate between 9.5% p.a. and 15.99% p.a. based on your risk profile
An unsecured personal loan with a tailored, fixed rate where you can make additional and early repayments without penalty.

Citi Personal Loan Plus

You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.96% p.a. to 18.91% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.

Latitude Personal Loan (Unsecured)

You'll receive a fixed rate between 13.99% p.a. and 29.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Flexible repayments options.

Westpac Unsecured Personal Loan

You'll receive a fixed rate of 12.99% p.a.
Benefit from the security of a fixed rate with the flexibility of additional repayments. Existing Westpac customers may qualify for discounts.

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