Considering a minor renovation or need a new car? Our Home Loan Top Up service allows you to increase your existing mortgage, giving you the flexibility to fund your next big project or purchase without the hassle of dealing with your bank direct.
Our Services Home Loan Top Ups
Home Loan Top Up Overview
Ideal for homeowners What's a Top Up for?
Top up’s are ideal for homeowners who already have a mortgage and need additional funds. Whether it’s for upgrading your home, financing a significant life event, a new car or consolidating debt, we’ve got the solutions to meet your needs.
Life throws curveballs, and sometimes your savings just don’t cover it. A top-up on your home loan could be the bridge over troubled water, providing you with affordable and convenient access to funds when you need them most.
You do need to have equity in your home and servicing criteria still applies – let us do the math and the talking to get you sorted today.
R & W Case study
Purpose: R & W had reached out for help getting a top up to complete their renovation on their home.
Challenges: They were struggling to get anywhere going direct to the bank and wondered if we could help. We did have some hurdles to overcome, with their situation not quite fitting the banks policy as it was mid renovation, however we had provided enough information to the bank where we could prove they were more than capable of borrowing the money having it repaid in a shorter time frame and we really didn’t need to do a construction loan!
Outcome: We had a credit manager approve the loan to not be construction and funds were drawn with the renovation continuing on! We had a portion of it at 1% for the solar power and heat pumps as well.
Sometimes you need to paint a picture of who the clients are, how they operate and what the end situation looks like so everyone understands the end goal.
Ready to apply?
To proceed with a Home Loan Top Up, we’ll need some key pieces of information from you. Here’s what you should prepare:
- Your income evidence (pay slips, IRD summaries or accountant prepared financials)
- Your last three months bank statements
Easy, right?
We may have further requests after you have completed a fact find, but we do try and make this as easy as possible for you!
Current Mortgage Details
Understand your existing loan balance and terms.
Proof of Income
Providing us with your last three payslips, IRD summary or financials if self employed
Purpose of Funds
Detail what you plan to use the extra funds for so we can make sure it's fit for purpose
FAQs
Find answers to common questions about our services to help you make informed decisions.
Still got a burning question? Give us a yell.
How much can I top up my home loan by?
The amount depends on your existing loan balance, your home’s equity, and your repayment capacity.
Does topping up my home loan extend its term?
Your top up can be structured in many different ways. Depending on the purpose, it may be a shorter term. For example, a car would be no longer than 10 years.
Are there any fees associated with a home loan top-up?
Yes, there may be fees such as application fees or valuation fees, depending on your lender, equity available and the amount you borrow. We will disclose any fees from the bank as soon as we know!
Can I top up my home loan for any purpose?
Generally, lenders allow top-ups for purposes such as buying a new car, renovating your home, going holiday, debt consolidation or paying for a wedding. Most scenarios are acceptable!
How long does a top up take?
The assessment time for a top up can sometimes be quicker. We need around 3-5 days for documentation after it has been approved, but because you don’t need a solicitor, you can get the money within 24-48 hours of signing the loan documents. Time frames vary at each bank and are subject to change with the ebs and flows of their workloads.
Is there a minimum amount I need to top up by?
Most lenders have a minimum amount of $5,000.
Why work with us?
Contact UsWe know our stuff
Together we have 25 years banking experience. We'll get the most out of your application.
Relationship
Here for you now and in the future. Take us on your adventure.
Speedy
No mucking around, we choose quality over quantity to deliver a fast and informed process
Why work with Paradise?
Paradise Financial is all about making your wildest (property) dreams come true. We believe in transparent processes, and supporting you at every step of your home-buying journey.
You’re part of our whanau, so we’ll give you straight up advice, tough love and won’t beat around the bush! Guiding you through the complexities of residential lending, you can focus on creating your own paradise instead.
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