Loan Increase

Procedure for loan increase < $25,000

1. Obtain a completed/signed Home Loan Application Form with the following details only:
• Borrowers names, current address and phone numbers.
• Current employment and income details.
• Additional amount required.
• Purpose.
• Product/interest rate/term.
2. Obtain a completed and signed Affordability Statement Form. The Affordability Statement Form is not to be printed on the bank's letterhead.
3. Check all current credit facilities to ensure satisfactory repayment history, and that account/s are not (currently) in arrears.
4. For the loan account against which the Increase/Further Loan sequence will be annexed, ensure:
• There is a minimum repayment history of 12 months i.e.
  loan must be at least 12 months old, and
• The repayment history must be satisfactory.
5. There is no need to:
   a. Obtain a Credit Bureau report
   b. Perform a serviceability calculation
6. Normal fees apply.
7. All other policy requirements must be adhered to.

Procedure for loan increase > $25,000 to < $100,000

1. Obtain a completed and signed Home Loan Application Form with the following details only
• Borrowers names, current address and phone numbers.
• Current employment and income details.
• Updated statement of assets and liabilities.
• Additional amount required.
• Purpose.
• Product/interest rate/term.
2. Obtain a completed/signed Affordability Statement (pdf, 121kb).
3. Check all current credit facilities to ensure satisfactory repayment history, and that accounts are not (currently) in arrears.
4. For the loan account against which the Increase/Further Loan sequence will be annexed, ensure:
• There is a minimum repayment history of 12 months i.e. loan must be at least 12 months old, and
• The repayment history must be satisfactory.
5. There is no need to obtain Credit Bureau report.
6. Assess serviceability using either the information provided on Home Loan Application Form (pdf, 124kb) form and/or Financial Workbook (pdf, 18kb).
7. Normal fees apply.
8. All other Credit Policy requirements must be adhered to.