We can help you understand how to top 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 you 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.

“We first dealt with Allan back in 2015 to try and secure our first step on the property ladder. He took the time to discuss what our options would be and how we could make it work. Needless to say he made it work - we secured the home loan and moved into our new home within 3 months of starting the process. As our 2 yr term was coming to an end and we could refinance to secure additional lending for renovations, Allan was our first port of call to discuss options again. Once again he came through with exactly what we were looking for. First Rate Mortgages is perfectly named - Allan's service, communication and abilities were First Rate.”

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