Loan Increase – Unlock Funds Fast When Banks Say No

Are you feeling restricted by your current loan and wondering if you can access more funds? Whether it's for home renovations, consolidating debt, or managing unexpected expenses, the idea of getting more money on an existing loan is a common consideration for many Australians. The good news is that it is possible to access additional funds, but it requires careful planning and understanding of your options. In this guide, we'll explore how you can potentially increase your existing loan and what factors you need to consider.

Understanding Accessing More Funds on an Existing Loan

When you initially take out a loan, it is based on your financial situation at that time. Over time, your circumstances, as well as the property or asset's value, might change. Accessing more funds on an existing loan typically involves refinancing or redrawing, and each option comes with its own set of requirements and implications. Refinancing involves obtaining a new loan that pays off your existing one, often with a higher loan amount. Redrawing allows you to access extra payments you have made on your loan. Understanding these options is crucial to making an informed decision.

Current Market Rates, Requirements, and Options

As of 2026, interest rates in Australia for refinancing or redrawing on a loan generally range from 6.49% to 8.75%, depending on the lender and your credit profile. It's essential to compare these rates as they can significantly affect your repayment plan. Esteb and Co, with access to 83+ lenders, can provide a comprehensive overview of available rates and terms.

Eligibility criteria for accessing more funds can include having a stable income, a good credit score (typically 650+), and sufficient equity in your property. Lenders will also assess your ability to meet higher repayments without financial strain.

Steps to Access More Funds

Here’s a step-by-step guide to help you navigate the process of getting more money on your existing loan:

1. Review Your Financial Situation: Assess your current financial standing, including your income, expenses, and credit score.
2. Determine Your Need: Clearly define why you need additional funds and how much you require.
3. Check Your Loan Agreement: Look for any clauses related to refinancing or redrawing that might affect your decision.
4. Evaluate Your Equity: Calculate the equity you have in your property. Equity is the difference between your property's current value and the remaining loan balance.
5. Consult with Esteb and Co: Get in touch with our team who can guide you through your options, leveraging our panel of 83+ lenders.
6. Compare Offers: Use our comparison table and advice to find the best rates and terms for your situation.
7. Submit Your Application: Once you've chosen a lender, prepare and submit your application, including all required documentation.
8. Finalise the Loan: If approved, work with your lender to finalise the new loan terms or redraw agreement.

Expert Tips and Considerations

When considering accessing more funds on an existing loan, it's important to keep the following tips in mind:

• Budgeting for Higher Repayments: Ensure that you can comfortably afford any increase in repayments. A detailed budget can help prevent future financial strain.
• Consider Long-Term Implications: Accessing more funds can extend your loan term or increase your total interest paid. Weigh the immediate benefits against long-term costs.
• Regularly Review Interest Rates: The market can change, and better offers might become available. Regular reviews can help you stay on top of your finances.
• Seek Professional Advice: Complex financial decisions should not be made in isolation. Consulting with experts like Esteb and Co can provide clarity and confidence.
• Understand Fees and Charges: Be aware of any additional fees that may be associated with refinancing or redrawing, such as exit fees, application fees, or valuation fees.

Frequently Asked Questions

1. Can I get more money on my existing loan if my credit score is low?
   While it is more challenging, it’s not impossible. You may need to provide additional security or consider lenders who specialise in non-conforming loans.
2. What is the difference between refinancing and redrawing?
   Refinancing involves taking out a new loan to pay off an existing one, often with different terms. Redrawing allows you to access funds you’ve already paid into your loan without changing the loan structure.
3. How much equity do I need to access additional funds?
   Generally, lenders prefer that you maintain at least 20% equity in your property after accessing additional funds.
4. Are there any tax implications when accessing more funds?
   There could be, especially if the funds are used for investment purposes. It’s advisable to consult with a tax professional.
5. How long does the process typically take?
   The timeline can vary based on lender requirements and your financial situation but usually ranges from a few weeks to a couple of months.
6. What documents will I need to provide?
   You’ll generally need proof of income, identification, and details of your existing loan and property.
7. Can I access more funds if I am self-employed?
   Yes, but you may need to provide additional financial statements and a stable history of income to support your application.