Can I borrow more than my current loan?
You can request a refinance amount that’s the same or less than your current loan and request any funds you have in your redraw facility to be transferred to your new loan when you refinance. The requested loan amount also needs to be between $10,000 and $2M, and the Loan to Value Ratio (LVR) must be no more than our maximum, which is 80%, but can be lower depending on your property.
Need to borrow more?
If you’ve got equity in your home, you can access some of it by applying to borrow additional funds. The actual amount you can borrow will depend on how much equity you’ve built up in your home. The amount you request can’t be more than your current loan and shouldn’t push your requested loan amount over either the maximum LVR for your property or our maximum loan amount of $2M.
For now, you can’t borrow additional funds for:
- Property purchase, including deposit for buying a property.
- Debt consolidation.
- Commercial or business purpose.
- Structural renovations.