Can I top up my personal loan?

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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 or not you’re eligible.

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. Topping up helps you to avoid any problems that may arise when applying for a new loan (not meeting eligibility criteria or not being approved for sufficient funds) and lets you stay with your current lender.

Topping up keeps your debt in one place where it can be easily managed, and if your initial loan has good terms and rates then it can help keep your new repayments manageable.

On the other hand, applying for a new personal loan may give you access to more competitive rates and fees or an easier account management process. It’s important to consider your current financial position and your eligibility with your current lender for a loan top-up before deciding which option will be best for you.

How much will it cost to top up my personal loan?

There will usually be some fees involved, but depending on your lender the costs may vary. Most banks will charge a single $100-$200 administration fee if you decide to top up. This fee might be higher, lower or even nonexistent depending on what kind of top up options your lender offers.

Westpac, for example, charges a $250 fee for refinancing your personal loan, but no loan top-ups. In this situation you would take out a new loan, cancel your old loan and roll over the balance into the new one. ANZ, meanwhile, offers straightforward top-ups but with a $150 loan approval fee each time, as well as additional costs for actually processing it.

If you want to top up a personal bank loan, expect it to cost a few hundred dollars.

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

Yes. Your credit file is meant to show your debt history and the state of your finances. It’s intended to be used by lenders to determine whether or not 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.

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 you really want to top up or if there are other options suitable for you. There may be fees for simply enquiring about a top-up or assessing your eligibility, which is why it’s a good idea to be certain before you apply.
  2. Contact your lender. They have the freedom to either accept or decline your top-up application, and tend to handle them on a case-by-case basis. They may get in touch to discuss your financial needs, check your credit file and assess your eligibility before deciding whether to go ahead with a top-up.
  3. With your personal loan topped up, all you have to do now is continue managing your debt.

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.

  • Having defaults on your credit report, which are payments of $150 or more overdue by 60 days or more, reduces your odds of being able to top up.
  • Not having consistent, dependable income or not earning enough makes it more likely that your top-up application will be denied.
  • Having a history of late repayments may reduce your chances of being eligible for a top-up.

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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