Topping up your home loan

Where do I start?

Whether you’re renovating, buying a new car, planning a wedding or consolidating debts – you could get that little bit extra you need from your current home loan.

It's important that you consider the value gained from what the top up is used for and how you choose to structure this with your home loan. You can choose to add it to your existing loan, meaning you pay it off over a longer period, or have a separate loan that you can pay off sooner. 
 

 


Topping up your home loan

A top up means borrowing more on top of your existing home loan, something that’s possible when your home has increased in value since you first took your loan out, or you've created equity through paying off a portion of your home loan. This means you can use that equity to borrow against.

When considering the value of your top up, you’ll want to consider how that impacts you in the long term. For example if you’re completing home improvements, the value this adds to your property is experienced over many years so you could pay this top up off over a longer period of time. A new car or a holiday loses value quickly, so you don’t want to be paying this debt back over a long period of time – you might want to consider a personal loan or a separate home loan that you can pay off over a shorter period.

Adding to your existing home loan will increase your repayments and increase the time it takes to pay off your home loan, so consider if topping up is right for you.


Benefits of a home loan top up

You’ll get a lower interest rate than you’d get from a personal loan or credit card, so it can be a cost effective way to get that extra funding you need.

If you’re looking to top up your home loan for a renovation project, you may be better suited to a building loan if the work is significant, requires a building consent and progress payments. Talk to one of the team to see what option is best for you.


How much can I borrow?

The amount you can borrow will depend on a number of things, including the equity you have available in your home and your personal finance situation. You’ll need a minimum of 20% equity in your home to be eligible for a home loan top up, or more if your property is an investment.

Talk to one of the team to see if you're eligible for a home loan top up.

 


 

Things to think about

Ways to borrow

Structure your top up as an increase on your existing home loan, or as a separate loan to help pay it off sooner with a shorter term.

Renovation Top Up

If you’re getting a home loan top up for a renovation project that requires a building consent there is additional information we'll need from you. Let us know what you’re planning and we’ll help get the right paperwork together. 

Insurance

If your home is damaged by an unforeseen accidental event such as a natural disaster, fire, accident or storm, House cover arranged by TSB in conjunction with TOWER can help protect you when the unexpected happens. Make sure you’re covered.

 


 

Your home loan options

 

TSB 2 year home loan special 4.29%

YOUR RATE

Whether you’re after the certainty of a fixed term, the flexibility of floating, or a combination of both, we have a range of competitive rates to offer.

HOME LOAN RATES

tsb home loan house

YOUR HOME LOAN OPTIONS

When it comes to loan type and repayment plans, one size doesn’t fit all. Enjoy the freedom of a revolving credit, or make budgeting easier with a fixed home loan - whatever works best for you.

LOAN & REPAYMENT OPTIONS

tsb home loan calculator

YOUR REPAYMENTS

Align your repayments to suit your lifestyle, whether it's weekly, fortnightly, monthly or quarterly. Use our home loan calculator to see what your repayments could be.

HOME LOAN CALCULATOR

 


 

Manage your home loan

With a little planning and some helpful home loan tools, you can shorten the length of your loan term, reduce the amount of interest you pay, and save money in the long run.

See how our home loan features can help you pay off your loan sooner.
 

We’re here to help

If you’re unable to make your regular payments and are facing unforeseen hardship, there are options available to assist you through difficult times.

 

 

StepUp
Automatically increase your repayments by a small amount each year.

 

 


 

Chat to us today

 


 

Save time - start your application

Download the application form below, fill out what you can and email it to emailsupport@tsb.co.nz. We’ll then contact you for any further information we might need and to discuss the next steps. You can also make an appointment with your local branch, give us a call on 0800 872 226 or let our Mobile Mortgage Managers come to you – whenever and wherever suits.

When you’re ready to talk with one of our team, you’ll need to provide us with the following to assess your loan application:

  • Evidence of your income if your wages aren't deposited directly into a TSB account (three months’ bank statements and your two most recent pay slips).
  • Or, updated financial statements for the last two years if you're self-employed.
  • Three months of statements for any credit cards, hire purchases or personal loan facilities.
  • Photo Identification (Driver’s License or Passport - these may need to be certified).

If we need more information or additional documentation, we’ll let you know what else you need to bring along.

 

  • Don’t forget to read this bit

    Terms and Conditions – refer to the terms and conditions of your loan. Take a look at our Disclosure Statement or grab a copy from your local branch. TSB’s current assessment lending criteria, lending terms and conditions, interest rates and fees apply. Use of accounts and services are subject to TSB’s General Banking Information.

    1. Offer available from 20 August – 13 October 2018 for loans relating to residential properties only. Additional interest rate margins may apply for bridging loans and buyers with less than 20% deposit (including Welcome Home loans). Loan must be contracted during the campaign period and drawn down within 60 days of contracting. Offer can be withdrawn or amended at any time. All interest rates are subject to change without notification. TSB’s current account opening criteria, current lending criteria, terms and conditions, fees and interest rates apply. 

    2. Use of ATMs not owned by any bank in New Zealand may incur a service fee (in addition to standard account transaction fees) for which TSB receives a commission.