How to add to an existing personal loan

If you have an existing personal loan and are hit with unexpected expenses, you may be considering a loan top-up. This allows you to add more funds to your existing loan amount, so you can keep all of your debt in one place and stay with your current lender. Find out how you can get a loan top-up and whether you’re eligible.

First, what is a personal loan "top up"?

A personal loan top up is where you add a certain amount on to a personal loan you already have. This involves submitting another personal loan application with your existing lender and signing a new credit contract. Depending on how much your repayments are increased by you may want to extend your loan terms during this process.

Should I top up my loan or take out a new one?

If you are in need of extra funds, you might be considering whether it’s better to top up your existing loan or to apply for a new loan to consolidate your old and new debt. Weigh up the pros and cons of both options before you apply:

What should I check before topping up my personal loan?

Before applying for a personal loan top-up, ask your lender the following questions:

• What fees will I be charged? Most banks will charge a single $100-$200 administration fee if you decide to top up your loan. This fee might be higher, lower or even non-existent depending on what kind of top-up options your lender offers. You need to check this before you apply.
• Are there any restrictions to topping up my personal loan? You may not be able to apply for a personal loan top-up in the first 12 months of your loan or you may need to have a certain percentage of your loan paid off. Check if any restrictions apply.
• Am I eligible for a personal loan top-up? You will need to meet certain criteria for a personal loan top-up. For example, you may need to meet the same eligibility criteria that were set when you applied for the personal loan. If your personal circumstances have changed, check the criteria again to ensure you can still apply.

Compare personal loans that allow top ups

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Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
NAB Personal Loan Unsecured Fixed Fixed1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 8.49% to 20.49%	Comp. Rate (p.a.) 9.88% to 21.78%	Application Fee $250	Monthly Fee $15	Monthly Repayment $654.15	Go to siteMore Info Compare
NAB Personal Loan Unsecured Variable Rate Variable1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 8.49% to 20.49%	Comp. Rate (p.a.) 9.88% to 21.78%	Application Fee $250	Monthly Fee $15	Monthly Repayment $654.15	Go to siteMore Info Compare

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Check if your lender allows personal loan top-ups

Select your lender from the list below to see if personal loan top-ups are allowed and what loan restrictions may apply.

How do I top up my personal loan?

Topping up a personal loan involves a couple of steps:

1. The first step is to decide whether a top-up loan is the best solution for your particular situation or if there are other options that are more suitable. There may be fees for simply inquiring about a top-up or for assessing your eligibility, which is why it’s a good idea to be certain before you apply.
2. Contact your lender. They tend to handle applications on a case-by-case basis and can either accept or decline your top-up application. They may want to discuss your financial needs, check your credit file and assess your eligibility before deciding whether to go ahead with a top-up.
3. Once your personal loan is topped up, you will need to continue managing your debt.

Am I eligible for a personal loan top-up?

Eligibility requirements for loan top-ups vary depending on the lender. One bank might let you top up while another won’t. Generally, the requirements for topping up are similar to the requirements for taking out a whole new loan. However, they are usually considered on a case-by-case basis for existing customers, which means the requirements tend to be on the more lenient side. The following factors may affect your eligibility for a top-up loan.

• Having a history of late repayments with your lender
• If your loan has only been active for a short period of time
• If your circumstances have changed since you first applied for your personal loan.
• Having defaults on your credit report, which are payments of $150 or more overdue by 60 days or more

Your bank may also have particular top-up eligibility requirements. If you’ve decided that a top-up is the right course of action for your needs, the easiest way to find out whether you’re eligible is to contact your lender.

Frequently Asked Questions

• What are the rules for a top up loan?

  The rules for a top-up loan vary by lender but generally include having a good repayment history, meeting credit and income requirements, and being within the allowable limit of your loan. Some lenders may also require a minimum period to have passed since the original loan was taken out.

• Can I add a loan to an existing loan?

  While you cannot directly add a new loan to an existing one, you can apply for a top-up, which increases the amount of your existing loan. This process combines the additional funds with your current loan balance, creating a single loan with a larger amount. Approval depends on your lender's criteria and your financial situation.

• Can I top up my existing personal loan?

  Yes, you can top up your existing personal loan, subject to approval from your lender. This involves borrowing additional funds on top of your current loan balance, effectively increasing your loan amount. To qualify, you usually need to have a good repayment history and meet the lender's credit criteria.

• Can I add more money to my personal loan?

  Yes, adding more money to your personal loan is possible through a loan top-up. This option is available with many lenders and allows you to increase your loan amount. You will need to apply for the top-up, and your lender will assess your application based on your creditworthiness and current financial situation.

How to refinance your personal loan

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Written by

Elizabeth Barry

Journalist

Elizabeth Barry is an experienced journalist with over 10 years of expertise in personal finance, contributing to outlets like the ABC, Sydney Morning Herald, and 7News. She holds a Master of Arts in Creative Writing and a Bachelor of Arts in Communication from the University of Technology Sydney, and has earned multiple award nominations, including a Highly Commended recognition at the 2017 Lizzies. Elizabeth began her career at Finder in 2013, progressing through roles to become Lead Editor, where she oversaw a wide range of personal finance coverage until 2024. See full bio

Elizabeth's expertise

Elizabeth has written 210 Finder guides across topics including:

• Banking
• Personal finance
• Investing