Unlock Your Home's Potential with a Mortgage Top-Up

A mortgage top-up is a way to access the equity you’ve built in your home to fund other projects. It’s essentially an extension of your existing home loan, allowing you to borrow more money for things like renovations, a new vehicle, or debt consolidation. It’s often a more affordable option than a personal loan because the interest rate is typically lower.

Why a Mortgage Top-Up?

  • Fund Home Improvements: Use the funds to renovate your kitchen, add a new deck, or make other upgrades that increase your property’s value.
  • Consolidate Debt: Combine higher-interest debts, like credit cards or personal loans, into your mortgage to simplify your finances and reduce your monthly payments.
  • Major Purchases: Finance a new car, pay for a wedding, or cover unexpected large expenses.

How It Works

A mortgage top-up is not a separate loan; it’s an increase to your current home loan balance. To get a top-up, your lender will assess your financial situation and the amount of equity you have in your home. They will need to ensure you can comfortably manage the higher loan amount.

  • Application: You apply to your current lender for the additional funds.
  • Assessment: The lender will review your income, expenses, and the value of your property to determine how much you can borrow.
  • New Terms: Once approved, the extra funds are added to your existing mortgage, and your repayments will be adjusted to reflect the new total.

Things to Consider

  • Interest Rates: While mortgage top-ups usually have a lower interest rate than personal loans, you are extending the repayment term, which means you may pay more interest over the life of the loan.
  • Repayment Time: Spreading a smaller loan over a longer mortgage term can make it tempting to take on more debt. Be mindful of your long-term financial goals.
  • Lender Fees: Some lenders may charge fees for a mortgage top-up. We can help you compare options and find the best solution for you.

Ready to see how a mortgage top-up can help you achieve your goals? Contact us today to explore your options.

Zero fees

Yes! Zero. Nada. Zilch.
(Except if you default. Then there’s fees.*)

Interest-only payments

Interest-only payments at 9.75%*. We call that the cherry on top.

Borrow up to $70k

You’ll soon have up to $70k* in your pocket so you can get started on your project.

Whether your funding is from a bank or non-bank, financing costs can be tricky to navigate. Here's an overview of the most common fees:

Establishment fee

Lenders will generally charge a one-off fee of between 2% – 3% for development finance and this is normally added to the loan.

Line fee

The fee charged on the total limit of your loan, for the duration of your loan. Essentially you’re paying for the lender to hold those funds aside for you while you’re not using them. It’s important to note that some lenders charge line fees on a monthly basis (e.g. 0.25% per month or 3% when annualised) and others per annum (e.g. 1.3% per annum). Make sure you factor that into your decision making process.

There’s a lot to take in so it’s important to get the right people on board.

Different lenders have different offerings and navigating them can be tricky. Then there are the professionals you have to deal with: the project manager, the quantity surveyor, the builder… Check out this article for a quick overview of what to look out for.

We’re here to help. Get in touch and we can help you work through it all.

Less forms and less fuss, happy days.

We’ve built relationships with lenders across the length and breadth of the industry—including both banks and non-banks—which enable us to regularly coordinate funding for projects up to $20 million.

Having us organise the finance frees you up to focus on the stuff that’s important to you.

"Dealing with Squirrel has been a breath of fresh air. After a quick meeting to discuss, and the proposal approved straight away was outstanding. After dealing with others, we could not believe it was so simple and quick."
David, Auckland New Zealand

It all starts with a conversation

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How It Works

No fees

That's right. Stuff paying fees - we won't charge you any for starting the loan, repaying it early, or anything. Except for recovery costs and fees in the event of a dishonoured payment and/or default.

Bundling the loan into the mortgage

After the first year of interest-only repayments, our mortgage advisers can bury the loan into your mortgage so your wallet feels less of a pang (subject to bank credit criteria). While we're at it, we'll help get you a great deal from your bank at the same time. Then we'll structure it all in a way that suits you best. Note: because of bank Loan-to-value (LVR) restrictions, any lending over 80% on a mortgage will incur low equity fees. Your adviser will talk you through this if that is the case with your mortgage.

What about paying it off on its own?

If you choose not to bundle the loan into your mortgage, you can pay it off on its own separately. Over 2-3 years the interest rate is 9.85%p.a. or 5-7 years the rate will be 9.95%p.a. We'll happily chat through your options with you. You always have the option to pay it wipe it clean whenever you want - we'll never penalise you for paying it off early.

Ever wondered where the money comes from?

Through the concept of peer-to-peer lending (and the magic of technology) your loan is funded by Joe Bloggs down the road who's invested their extra cash into our platform. Think of it like Tinder for money. It's also how we can afford to offer such awesome interest rates. We've built a system in-house which allows us to run like a lean, mean running machine without too many overheads, giving borrowers and investors a better deal. Good old kiwi ingenuity.

What kinds of things you can use the loan for?

This product has been built especially for you, the owner of your home for whatever you need. It comes in handy for renovations, do-ups, unexpected bills, financing a car, big ticket items for the house, a new horse, whatever floats your boat.