Question re: top up on existing home loan

[Thi1980]

Hi all,

Thank you for all you help,

I have a question regarding top up on existing home loan,

I have a loan with one of property the value go up twice the mortgage amount I current have.

eg the value of house is 550K, mortgage is 250k

I want to increase the mortgage from 250k to 350K. so basically top up for extra 100 K.

so what sort of paper work do i have to submit to the bank???

I understand we need to give pay slips / notice of assessment .

i wondering do we must also give tax return as well???what if we cant find the tax return do notice of assessment is enough or we must submit both as requirement for top up???

thank you for all your help

 

[Aaron_C]

It really depends on the bank, whether LMI is involved, and whether you are self employed or not. Speak to your bank/broker.

 

[macca446]

Hi all,

Thank you for all you help,

I have a question regarding top up on existing home loan,

I have a loan with one of property the value go up twice the mortgage amount I current have.

eg the value of house is 550K, mortgage is 250k

I want to increase the mortgage from 250k to 350K. so basically top up for extra 100 K.

so what sort of paper work do i have to submit to the bank???

I understand we need to give pay slips / notice of assessment .

i wondering do we must also give tax return as well???what if we cant find the tax return do notice of assessment is enough or we must submit both as requirement for top up???

thank you for all your help

Hi,
Going for a top up basically for you is reapplying having to submit all necessary paperwork that lender requests,group certificates,pay slips etc.
Macca446