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 want to achieve. Whilst this can include debt consolidation, it more often is a term used when you want to do things like property improvements, going on a holiday, buying a new car or boat, helping your child to buy a home or cover dental/medical costs.
The term top-up implies to add a new loan to your current mortgage. There could be times when your Bank might not assist as they feel you have insufficient equity, income or a poor repayment history. In this instance, a second mortgage could be an option or a full refinance to an alternative lender.
If you’re paying off credit cards, store cards and hire-purchases, consolidating it under your mortgage could save you thousands of dollars in interest. Furthermore, with all your debts under one loan, you’ll reduce stress and avoid the risk of payment defaults.