Browse Forums Home Finance 1 Jan 11, 2011 2:16 pm Hi We have a rocket repay home loan with Westpac. My husband's salary, which the mortgage is based on, and the value of our property have both increased. We've never overpaid on our loan and have only been here about 15 months. Redraw will not be an option I believe, so we are looking at the top up function to help us realise equity and cover the cost of work we need done on the trees, roof, fencing, decorating, carpets, appliances, the car... Well, you get the drift. Can someone please explain how the top up function is likely to work and what is normally involved? I'm waiting on someone from the bank contacting me (our mortgage advisor is no longer there), but wanted to get an idea of what was involved so I knew what questions to ask. Oh, and if it involves having the house revalued, where can I find details of the average percentage increase of properties in my area so that I can guestimate how much ours has gone up by? Would appreciate help fairly quickly. Thanks Rocket Home Loan - Top Up Function - how does it work? 2Jan 11, 2011 5:46 pm A top up is basically a remortgage where you normally keep the same account number details. They may use a residex value or they may need a proper valuation depending on whether they agree with your proposed increase in value. They will then do up new loan documentation for you to sign then the limit is increased and the extra funds are redrawn for you to use. Just remember that with any top up you can only go to a max of 80% without LMI and 90% with LMI. Some things are worth waiting for. Re: Rocket Home Loan - Top Up Function - how does it work? 3Jan 11, 2011 6:36 pm so, would that be 80% of the proposed NEW value? Sorry, it's probably obvious but this is confusing! Are there any sites that give me a percentage increase table for a specific area or postcode, so I can work out roughly the increase in value - for free? Thanks for replying Kyton - appreciate the help Rocket Home Loan - Top Up Function - how does it work? 4Jan 11, 2011 8:03 pm You can buy a residex certificate online as far as I know. Or try domain.com.au website. And yes it is 80% of the new value less your existing debt load. Some things are worth waiting for. I agree with Althom but there also may be a problem with the terra cotta stormwater pipe discharging water in that areas as well. You can just see the top of the pipe at… 2 14895 The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 18895 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 35191 |