If you have a CommBank mortgage and you want to increase your home loan, there are several options available.
One option is to apply for a loan increase, which would involve applying for additional funds to be added to your existing home loan. This would increase your total loan amount and potentially result in higher monthly repayments, depending on the interest rate and loan term.
Another option is to refinance your home loan, which would involve taking out a new loan with CommBank or another lender to replace your existing home loan. Refinancing can allow you to access additional funds, potentially at a lower interest rate, and may result in lower monthly repayments.
To apply for a loan increase or refinance with CommBank, you’ll typically need to provide information about your financial situation, such as your income, expenses, and debts, as well as details about your existing loan and the reason for the increase. CommBank will assess your application based on its lending criteria and may require additional documentation, such as proof of income or property valuation.
It’s important to carefully consider the costs and benefits of increasing your home loan, as well as your ability to make the increased repayments, before applying for a loan increase or refinance. You should also compare mortgage products from different lenders to ensure you find the best product to suit your needs.