⚡️⚡️⚡️
With energy prices rising, switch to a cheaper plan
💡
Compare Prices Now
⚡️⚡️⚡️
< path d="M52.6178 31.3114L44.7476 60.6733L74.1095 68.5435L81.9797 39.1816L52.6178 31.3114Z" fill="#F9C32D"/>
download the finder app! App

How to add to an existing personal loan

Not all lenders will allow you to top up your personal loan – fees, restrictions and eligibility criteria apply.

Avatar
Elizabeth Barry
Updated . What changed?
Fact checked

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

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

NOW Finance No Fee Unsecured Personal Loan

NOW Finance No Fee Unsecured Personal Loan

From

5.95 % p.a.

fixed rate

From

5.95 % p.a.

comparison rate

  • A competitive fixed rate
  • Apply for up to $50,000
  • Receive your funds in 24 hours
Security Logo

100% confidential application

NOW Finance No Fee Unsecured Personal Loan

⭐ Finder Exclusive: Apply and settle an unsecured personal loan of $30,000 or more to receive a $400 Westfield gift card. Ends on June 30 2022.
Apply for a NOW Finance Personal Loan to get reward of low interest rate for having a great credit history.

  • Interest rate from: 5.95% p.a.
  • Comparison rate: 5.95% p.a.
  • Interest rate type: Fixed
  • Application fee: $0 (No Establishment Fee)
  • Minimum loan amount: $5,000
  • Maximum loan amount: $50,000
Go to site
Promoted
1 - 1 of 1
Updated regularly
$
Name Product Mobile details underline Interest Rate (p.a.) Comp. Rate (p.a.) Rate Type Application Fee Monthly Fee Monthly Repayment
NOW Finance No Fee Unsecured Personal Loan Fixed, 18 Months - 7 Years, $5,000 - $50,000
Exclusive
NOW Finance No Fee Unsecured Personal Loan
18 Months - 7 Years, $5,000 - $50,000
5.95%
to 19.95%
5.95%
to 19.95%
Fixed
$0
$0
You'll receive a fixed rate between 5.95% p.a. and 19.95% p.a. based on your risk profile
Borrow from $5,000 to $7,999 with loan terms between 18 months and 3 years or borrow $8,000 to $50,000 with loan terms between 18 months and 7 years.

⭐ Finder Exclusive: Apply and settle an unsecured personal loan of $30,000 or more to receive a $400 Westfield gift card. Ends on June 30 2022.
Go to site
More Info
loading

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.

LenderAllows top ups?Criteria
ANZYesA 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 AusraliaNoN/A
Bank of MelbourneYesA loan approval fee may apply. To be eligible:
  • 18 years or older
  • Have an Australian residential address
BankSAYesA loan approval fee may apply. To be eligible:
  • 18 years or older
  • Have an Australian residential address
BankwestNoN/A
Bendigo BankNoN/A
BOQNoN/A
CitiNoN/A
CommBankYesA 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 BankNoN/A
Gateway BankNoN/A
HSBCNoN/A
IMBNoN/A
LatitudeNoN/A
loans.com.auNoN/A
MENoN/A
MoneyplaceNoN/A
MyState BankNoN/A
NABYesYou 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 FinanceYesA 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)
NRMANoN/A
Pepper MoneyNoN/A
PlentiYesYou 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)
RACQNoN/A
RACVNoN/A
SocietyOneNoN/A
St.GeorgeYesA loan approval fee may apply. To be eligible:
  • 18 years or older
  • Have an Australian residential address
WestpacYesA 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:

  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

Picture: Shutterstock

More guides on Finder

Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 5.35% p.a. and 19.09% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3, 5 or 7 years terms.

More info
Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate between 6.49% p.a. and 15.99% p.a. ( 7.41% p.a. to 16.84% p.a. comparison rate) based on your risk profile
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

More info
Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.

More info
Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.95% p.a. and 22.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

More info

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site