Home loan top ups are available for both existing and new customers. For existing customers, we expect to see a regular repayment history, going back at least a year. For new customers, we would require proof of good credit history. The total loan amount cannot exceed 90% LTV.
A home loan top up is not part of your existing loan, and therefore is subject to its own fee structure and conditions. Usually we charge 1% of the new loan amount as a fee.
Absolutely. HomeFirst has blended two of our products, Balance Transfer of Home Loans and Home Loan Top up for this very case. Transfer your existing loan to HomeFirst, and if you need extra funds, we will increase the loan amount accordingly.
In terms of processing, top up loans are identical to the existing loan, as it is a subset of the original loan taken. If the existing loan has a co-applicant, the top up loan will also have the same co-applicant. Similarly, in case the original loan doesn't have a co-applicant, one cannot be added for the top up loan.
An HomeFirst home loan top up is a small loan, on top of your existing home loan. It is designed to give you a little more flexibility to make your home even better than previously possible. It can also be used to cover any unforeseen emergency expenses that might come up.
