First Rate Mortgages

APPLY FOR A MORTGAGE TOP UP IN NZ

Good Advice When Topping Up Your Home Loan

When you are topping up your mortgage it is often for a particular purpose or goal that you are looking to achieve. Whilst this can include debt consolidation it more often is a term used when you want to do things like property improvements, take an overseas holiday, buy a new car or boat, help one of your children into a home or cover dental /medical costs.

The term top up implies that you are adding this to your current mortgage and this can be done if you are on a floating rate at any time, or if fixed, at the expiry of the term. You can also have a separate loan on a shorter term basis.

There are times when your bank will not assist with this as if they feel you have insufficient equity, income or a poor repayment history. In this instance a second mortgage may be an option.

If you need a little extra on your Home Loan contact First Rate to discuss a top up.