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Personal loans Top up

Top Up

Need more to get started?

Top Up lets you refinance your existing loan to borrow additional funds.

Harmoney Top Up

At some point, you may need more money to meet your goals. To help finish a project you've started, or to get going on something new. If you have plans, a Harmoney Top Up may be just what you need to bring it to life.

Borrow additional money

With Harmoney Top Up, you could apply to refinance your existing loan to borrow additional funds. It is a feature offered to customers who, having demonstrated an excellent track record of on-time repayments, may be eligible to apply to borrow money additional to their exisiting loan.

Earn your way to a better rate

If you are able to successfully maintain at least 6 consecutive monthly repayments and maintain or improve your credit score or financial situation, you may be eligible for the same or lower interest rate, and a higher borrowing limit. While not everyone is eligible, 83% of Top Up customers get a better rate.

How to become eligible

Here are some tips to help you get Top Up.

Keep in mind that applications are assessed individually, and there are other factors that may affect your application.

  • Maintain at least 6 months' consecutive repayments on your Harmoney loan.
  • Ensure you meet all your financial obligations and do not miss payments on your Harmoney loan, or in respect of other creditors such as your utility provider or other lenders.
  • Work towards a favourable credit history. Among other things, this is influenced by credit enquiries and payment defaults to any credit or service provider.
  • Try to improve your income and/or reduce your outgoings. This reflects on whether or not a Top Up will be within your financial means.

Take the journey

1. Begin the journey

Work towards a good credit history, a good track record of on-time repayments and a solid financial situation.

2. Wait to be notified

We review your situation regularly to see how you're going with your loan, and after six months, we'll assess your eligibility to apply for a Top Up. If you are eligible we'll notify you by email and an invitation banner will appear on your borrower dashboard.

3. Apply for Top Up

In case your circumstances have changed, we ask you to go through the finances part of our application process again. Then we will let you know if you have been approved for a change to your interest rate and borrowing limit.

Keen to apply for Top Up?

Find out if you’re eligible to apply for Harmoney Top Up by signing in to your account. If you’re eligible to apply, it will show the green Top Up ribbon on your dashboard.

We have your interests at heart

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We look carefully at the numbers to be sure you can comfortably afford your repayments.

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An application that can be completed anytime, anywhere on any device.

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All our loans are unsecured, which means you don't need to offer security on your loan.

Common questions about Top Up

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What is Harmoney’s Top Up criteria?

Harmoney assess Top Up loans with a range of factors which may include:

  1. Six months solid repayment history with no missed payments

  2. Have a loan balance of at least $5,000 below your currently funded loan limit

  3. A favourable credit bureau report

  4. Your ability to repay the higher loan repayments on the higher loan amount - this depends largely on your income and outgoings.

Our online system reviews your account and will determine whether you qualify for a Top Up loan. If you are eligible, we will contact you via text, email and a notification on your dashboard.

There is a chance your interest rate and borrowing limit may change but the final outcome will depend on your updated information and your most current circumstances.

If you are not eligible now, it doesn't mean you won't be in the future should your circumstances change. So feel free to contact us when your circumstances have changed.

What if my circumstances have changed?

It all depends on what has changed and how it has changed; when you apply to Top Up your loan, we will reassess your financial situation – if you have remained the same, or improved your credit and financial situation, you may receive a lower interest rate. However, if you have gone the other way, your application for a Top Up may be declined.

Will my interest rate change?

Possibly. We will reassess your financial circumstances and if your credit and financial situation is in the same or better position than when you applied for your original loan, you could be assigned a new interest rate.

What fees will there be?

Our standard fees apply to Top Up loans, including the Establishment Fee when the Top Up loan is issued.

See our rates and fees page for more details.

Australia interest rates and fees

New Zealand interest rates and fees

What term will apply?

The terms available for your Top Up loan will be shown on the loan quote screen.

Our standard terms are 3 and 5 years, but depending on your financial situation, a 3-year term may not be appropriate and so a 5-year loan term will be your only option.

However, you can choose to repay your loan early, and there are no early repayment fees or penalties. This provides you with the flexibility to pay off the loan sooner should you choose.

Why do I have to get a new loan?

We combine your original loan amount and the Top Up amount to create a new loan because topping up changes the terms of your original loan contract. If you accept your loan terms the additional funds are deposited in your nominated bank account, or in the case of a debt consolidation loan the funds are paid directly to the debtor (that's right - we take care of that for you).

Does the co-borrower have to be included in my new topped up loan?

Not necessarily. This will depend on your credit and financial situation at the time you apply for a Top Up loan. You can elect to include the same co-borrower, or no co-borrower.

However, depending on your individual circumstances and the amount you wish to apply for, Harmoney may require you to add a co-borrower in order to be approved.

Will this change my payment date?

Your payment date is likely to change as it will be aligned to your new loan agreement.

If you are paying weekly or fortnightly, your payments will revert to our standard monthly schedule but we can change this after settlement of your loan to suit your needs - just get in touch and we'll set that up for you.

Applying for a Top Up

Harmoney customers who are eligible to apply for a Top Up will often be notified by phone, email and on your dashboard.

To apply for a Top Up:

  1. Log into your Dashboard.

  2. Click 'Apply now'.

Please note: If you cannot see the Top Up notification on your dashboard, this means you are not yet eligible for Top Up and are unable to apply.

Find out more about being eligible for top up.

We're real people and here if you need us

If you need help, just give us a call on 1300 042 766 or jump on to online chat and one of our more than 30 specialists will be there to lend a hand.

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