Need extra funds?
Top Up your home loan.
Once you’ve built up equity in your home, you might be able to use it to increase or Top Up your loan.
What is a Top Up?
Home loan Top Ups allow you to increase your existing home loan by borrowing against the home equity you’ve built up in your property.
Whether you’re looking to renovate your home, buy an investment property or purchase a new car, a home loan Top Up can be a great and cost-effective way to access extra funds when you need them.
How does a Top Up work?
When you apply for a home loan Top Up, your lender will need to look at your current financial situation, including factors like your income, debts, and what your property is currently worth.
To be able to access extra funds through a home loan Top Up, you’ll need to have built up enough home equity first. Find out more.
Everything Top Ups
in one place
In case you
missed anything.
When you apply for an Unloan home loan, you’ll need to provide documents to verify your income. This includes pay slips, bank statements, tax statements and/or letters from your employer. Depending on your employment type, the documents used to verify can differ.
This helpful article advises what documents you will need to provide to verify the types of income we accept- Unloan | What Documents Can I use to Verify My Income?
Please note that all top up applications are subject to a credit approval.
To apply for a Top Up -
- Log into your Unloan account
- Navigate to your dashboard and select the ‘Manage’ button located underneath your loan account
- You’ll then be directed to ‘Manage your home loan’ screen
- Under the ‘Make changes to your home loan’ section, select ‘Increase your home loan’
Please read the ‘Before you begin’ section, which requires you to have at hand, details of your property, it’s value and also your up-to-date financials.
The minimum amount you will be able to top up is $10,000. Total borrowings per customer across all Unloan loans is limited to $10,000,000.
Please note than the requested amount will be subject to a credit approval, and also can’t exceed 80% Loan to Value Ratio (LVR) of your property.
Once you’re signed the loan contract for the loan Top Up, the approved funds will be disbursed into your Unloan redraw account. Please be advised that the day the funds are disbursed will be your new monthly repayment date. The interest you’ve accrued up to that date will betaken out of the disbursed Top Up funds.
Generally, the approved funds will be disbursed into your Unloan redraw account within 1- 2 business days of the contract being signed. The only exception to this is if the disbursement day is within 24 hours either side of your current repayment date.
For example, if you signed your Top Up contract on the 12th and your current repayment date is the 13th, then the Top Up funds will be disbursed on the 15th of that month.
Here are the high-level steps regarding the Unloan top up process:
- Initiate the top up by following these steps - How do I apply for a Top Up on my current home loan?
- Complete the online application form
- Upload your income documents for verification (If there is a co-borrower attached to your current home loan, they will receive a link to add themselves to the top up application)
- Once the assessment has been completed, you will be sent a contract via DocuSign to complete online.
- Once the contract has been signed, the funds will be disbursed to your redraw account within 1-2 business days.
Please note that you cannot split loans with Unloan. This means you can only have one loan account per property with Unloan and where top up funds are used for investment purposes you may not easily be able to differentiate between your tax liabilities. You should seek independent, professional tax advice before making any decision based on this information.