Topping Up Your Mortgage

How do you get more cash from your home for renovations, debt consolidation and other expenses?

Borrowing more money from the bank is a great option for financing renovations, holidays, investments, weddings… whatever you like. Your borrowing power goes up the longer you’ve been paying your mortgage because of the equity/ownership you’ve built up in your home. It also helps that usually property will increase in value each year which increases your borrowing power.

When you’re refinancing or re-fixing with your bank or a new bank, this is a great opportunity to consider if you’d like an extra line of credit… Do you need some cash now that you’re happy to pay off over the life of your mortgage? Would borrowing help you grow your wealth by investing in other properties or renovations?

This is especially advantageous with low interest rates. Instead of putting things on your credit card at high interest rates and having to pay them back quickly, you can add to your home loan and opt to pay more monthly or extend your mortgage out. Using revolving credit is also an option.

Want to know how much you can top up?

Here’s an example

Let’s say you have a mortgage of $100,000 and you’d like to borrow an additional $25,000 to renovate your kitchen. Instead of using a credit card and paying 20% interest, you apply for a top up using your property as security. The bank approves an additional $25,000 and with the help of iRefi, you structure this as revolving credit. Structuring the new lending like this allows you to borrow exactly what you need and if you don’t use the whole amount, you won’t be charged (it’s like having a credit card with a really high limit).

For example, let’s say you finish your kitchen renovations and only spend $20,000. This means you still have $5,000 available to use if you need it, but you only pay interest on the $20,000 that you’ve actually used.


Refinance Calculator.

Savings Per



All potential costs are estimated and included in this calculation. Sometimes banks will charge you 'break fees'. These are factored into these savings estimates.
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