Need funds for renovations, a new car, or a big purchase? If you have a TSB home loan, you could top it up to borrow more.
What is a home loan top up
It's a flexible way to access extra funds using the equity in your home. Our variable and fixed home loan interest rates are generally lower than most personal loans or credit cards, so you'll save on interest.
You can either:
- Combine the top-up with your existing loan, or
- Set it up as a separate loan with its own term and repayment plan
Thinking of topping up your home loan?
Here's what you need to know.
What can you use it for?
You can use a top-up for almost anything, including:
- Home renovations or upgrades
- Buying a car or big-ticket item
- Paying for education or medical expenses
- Consolidating high-interest debt
- Planning a wedding or holiday
If you’re looking to top up your home loan for a significant renovation project that requires staged payments, we may recommend a building loan instead.
How much can you borrow?
The amount depends on:
- The equity you have in your home (you’ll need a minimum of 20% equity in your home to be eligible for a home loan top-up, or more for an investment property)
- Your income, expenses, and overall financial situation
- Whether the property is your home or an investment
Why choose a top-up?
- Lower interest rates than most personal loans or credit cards
- Flexible loan structure to suit your needs
- Simple application process online or with a lending specialist
What to keep in mind
- Your repayments will likely increase
- The time it takes to pay off your loan may increase
- You may need a property valuation
- Your insurance should reflect any renovations or increased property value
How to apply for a home loan top-up
You can apply for a home loan top-up online. You'll need to get together your personal and financial details, and set aside about 20–30 minutes to complete your application. See our checklist below of the documents you’ll need to provide.
Prefer to talk?
If you're unsure whether a top-up or a different loan type is right for you, our lending specialists are here to help. You can chat with one of our lending specialists on 0800 231 232, Monday to Friday, 8:30am–5pm. Or simply fill out our home loan enquiry form, and a lending specialist will contact you.
What you'll need to apply:
As you're applying for additional lending, you'll need to complete our home loan application form, including a statement of financial position. This gives us a snapshot of your current financial situation — including your income, savings, expenses, and debts — so we can work out how much more you can borrow.
Tip: Make sure the details in your statement of financial position match the bank statements you provide.
You’ll also need to send us:
- Proof of income
The three most recent pay slips for each person applying, to help us confirm how much you earn. If you’re self-employed, you’ll need to send your last two years of financial reports, or if you’re a contractor, you’ll need to send your last two years of individual income tax returns (IR3). - Bank statements
To help us understand your spending and expenses we’ll need the last three full months of bank statements for:- Your main transactional accounts (unless they're with TSB). This might be your transactional everyday account or your credit card.
- Accounts where your income is deposited (if this is different to your main transactional accounts).
- Loan balances
If you’re responsible for any loans in the name of a company or trust, you’ll need to provide the most recent statement – this includes any personal loans, car loans, or other finance.
Note: All statements must be PDF statements downloaded from online banking or provided by your bank (we’re not able to accept scans, paper copies, or any other file types).
Having all these documents ready will help speed up your application and make the process much smoother.
A lending specialist will review your application and contact you. Once the funds are approved, the top-up is added to your existing home loan.
Take the next step that suits you
Looking for help?
Talk to a home loan specialist
Whether you’re just starting out or ready to apply, we’re here to help you with your home loan. You can chat with one of our lending specialists on 0800 231 232, Monday to Friday, 8:30am–5pm. They’ll answer your questions, help explore your options, and guide you through the home loan process.
Need help outside of these times? Our Mobile Mortgage Managers can come to you, or you can chat to them over the phone or a video call - so you can get help when it works best for you.
Important information
General Lending Terms and Conditions:
- TSB may approve residential loans with less than a 20% deposit subject to bank funding requirements.
- An early repayment fee may apply on fixed rate loans.
- All interest rates are subject to change.
- Lending criteria, terms and conditions and fees apply.
- When you bank with TSB you agree to our General Terms.