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When you are an existing customer of Max Funding, you can raise more money from us by going in for a top-up loan. This top-up loan is a new loan has to be used to repay your old loan, and then pay out the balance. This is an important aspect of the new loan that you must be aware of when you choose to top up the original loan amount.
As an example, if your current payout figure is $6,000, and your top-up amount is $10,000, you will receive only $4,000.
The period for which you ask for the top-up and the amount you top up to will determine the monthly payments that you will now have to make.
If you already have a home loan from a bank, you are considered to be eligible for a further top-up loan. However, there is a condition that you need to be a part of the process of repaying your original loan for at least a year or any other period mentioned in your loan documents.
Only then will your bank consider any application you make for a top-up loan. Banks will provide additional loan facilities only if you mortgage a property in their names, which is a point that has to be noted.
Most banks will provide a top-up loan that will not exceed 75 percent of the value of the mortgaged property, but this amount varies with each bank.
At Max Funding, top of loans are made simple and accessible to business owners when they need help. If you want to apply for a top-up loan, you can speak to a member of our team today to find out how we can help.
There are maybe tax benefits that come with top-up loans. These benefits are only available if you are using the top-up loan for home renovations and extensions, or for educational needs of yourself or your children.
Speak to a member of our team for more information on how our top-up loans could help you.