Need a little extra?

You could be eligible for a Top Up

main computerOnce you've taken out a loan with Harmoney, you might decide you need a little more. Borrowers who have demonstrated a reliable track record of on-time repayments, and meet our credit criteria, may be eligible to Top Up their existing Harmoney loan. Learn more below.

Need a little extra on your loan?

Need a little extra on your loan?.

You could be eligible for a Top Up.

Once you've taken out a loan with Harmoney, you might decide you need a little more. Borrowers who have demonstrated a reliable track record of on-time repayments, and meet our credit criteria, may be eligible to Top Up their existing Harmoney loan. Learn more below.

What is a Harmoney loan Top Up

Topping Up is a feature offered to certain Borrowers who, having demonstrated a reliable track record of on-time repayments, can apply for additional money over and above what they have already borrowed. As a Responsible Lender, we will require all Top Up applicants to go through the application process again, and meet our credit criteria. 

Harmoney only allows each Borrower to have one active loan through the Marketplace at any one time. Because of this, when a Borrower Tops Up, their existing loan is closed off, and 'rewritten' - hence loan Top Ups are sometimes known as Rewrites.

Harmoney customers who are eligible for a Top Up will often be notified by phone or email. However if you feel you might be eligible, and have not heard from us yet, you can contact our customer service team who can determine your eligibility over the phone.

What happens when I Top Up?

If you are eligible, you must first make a new application so we can ensure your financial situation has not changed. If approved, we combine your original loan amount and your Top Up loan amount to create a new loan; primarily because Topping Up changes the terms of your original loan contract. Once your new loan total has been fully funded on the marketplace, the original loan's outstanding value is repaid to Lenders, and the remainder (your Top Up) is deposited into the nominated account. So, if your current loan has $8000 owing and you wish to borrow an additional $2,000, the total of your new loan will be $10,000 (+an additional $500 platform fee for the new loan).

Your Harmoney dashboard will be updated to reflect that your original loan has been repaid and closed, and that your new loan has been issued.

Want to know if you are eligible to Top Up your loan?

Check eligibility


Top up FAQs

What if my circumstances have changed since applying for my original loan?

We will assess your credit risk again and if your circumstances have changed you may be assigned a new risk grade and interest rate, or your application for a Top Up may be declined.

Will my interest rate change?

Possibly. As above, we will assess your credit risk again and if your circumstances have changed you may be assigned a new risk grade and interest rate. 

What fees will there be?

A $500 Platform Fee applies to Top Ups. Find out more about platform fees here.

What term will apply?

The terms available will be shown on the loan offers screen.

Why do I get a new loan?

We combine your original loan amount and Top Up to create a new loan because topping up changes the terms of your original loan contract. Once your new loan total has been fully funded on the marketplace, the original loan's outstanding value is repaid to Lenders, and the remainder (your top up) is deposited in your nominated account, or directly to the debtor in the case of a debt consolidation loan.

What happens if my new loan is not funded?

In the unlikely circumstance that your new loan does not reach full funding, the application will have no effect on your existing loan.

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

Not necessarily. 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 list a co-borrower in order to be approved.

What if my circumstances change and I can't service my loan?

As a responsible lender, we can work with you in times of financial hardship. You can find more information here, or you can call us on 0800 HARMONEY

Will this change my payment date?

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

What if I am paying weekly or fortnightly?

If you are paying weekly or fortnightly, your payments will revert to our standard monthly schedule. This can be configured after loan settlement to suit your needs.

Got other questions?

Flick us an email at customerservice@harmoney.co.nz or give our friendly team a call on 0800 HARMONEY.