Is it better to top up or get a new loan?

It depends on rates and fees. Top-up is simpler if rates are similar. A new loan is better if current market rates are significantly lower than your existing rate, or if your credit has improved and you qualify for better rates.

Can I have two personal loans at once?

Yes, you can. However, juggling two loans complicates your finances and may reduce your borrowing power for other purposes. Consolidating into one is usually cleaner.

What fees should I expect with a top-up?

Some lenders charge a top-up fee ($0-$200). You may also need a new credit check. Check if your existing loan has any conditions about additional borrowing.

§ Tool · tier 1 · independent

Loan Top-Up Calculator.

Compare topping up your existing loan vs getting a new one for additional funds

CalculatorFree, no signupOn-deviceupd May 2026

Inputs

Your numbers

Awaiting inputs

Move the sliders or type in the form on the left — the math updates live as you go. Click Get AI verdict when you want a written analysis.

Need more money but already have a personal loan? You have two options: top up your existing loan or get a new one. This calculator compares both approaches to help you find the cheaper and simpler option.

§ Worked examples

Real-world scenarios

Small Top-Up

Lisa has $8,000 left at 12% (18 months). Needs $3,000 more. Top-up rate: 12%, new loan rate: 10%.

Inputs

existing:8,000additional:3,000currentRate:12newRate:10

New loan saves $180 over the term despite $200 establishment fee. Worth switching if she values the lower rate.

Larger Additional Amount

Mike has $15,000 left at 11% (30 months). Needs $15,000 more. Top-up fee: $100. New loan fee: $250.

Inputs

existing:15,000additional:15,000currentRate:11newRate:9

New loan at 9% saves $1,200+ despite fees. The rate difference over $30,000 is significant.

§ FAQ

Questions Australians ask

§ Glossary

Plain-English definitions

Loan Top-Up

Adding to your existing loan balance with the same lender, usually at the same or similar rate.

Refinance

Paying off your existing loan with a new loan, often from a different lender with better terms.

Break Cost

Fee charged for paying off a loan early - important to factor in when considering a new loan.

§ Pair it with

Related tools

Loan Comparison Calculator

Compare loan offers in detail

Personal Loan Calculator

Calculate repayments on either option

Debt Consolidation Calculator

Combine loans and other debts

How to use

01Enter your existing loan balance and rate
02Add months remaining on your current loan
03Specify how much additional funds you need
04Compare rates and fees for top-up vs new loan
05See which option saves you money

Key info

Top-ups are simpler but may restart your loan term
New loans may have better rates if the market has dropped
Consider fees: top-up fees vs new loan establishment costs
Your credit score may have improved since your original loan

Pro tips

Check if your current lender offers a rate match or discount for loyalty
A new loan from a different lender resets early exit fees you might have
If market rates have dropped, a new loan might save more despite fees
Consider consolidating other debts at the same time if topping up

Avoid these

Automatically topping up without checking if new rates are better
Ignoring fees when comparing - they can change the calculation
Extending the term without calculating total interest impact
Not checking if your current loan has early repayment penalties

Disclaimer: Estimates only. Interest rates, fees and policies change frequently. Always verify with lenders directly. General information, not personal financial advice.

Last updated · May 2026