It’s when you increase the limit on your loan. If you have an existing Bankwest home loan, you can check it in the Bankwest App. After you’ve logged in, just go to your home loan account and tap ‘Manage’ in the menu.
Increasing your home loan could save you interest in the short term compared to a personal loan or credit card, because the interest rate will almost always be lower. However, you’ll need to take into account the life of the loan – like with any loan, the longer the loan term, the more interest you’ll pay. Remember, to increase your loan, you'll still need to go through the application process like when you first applied for it (we need to make sure you can afford the new loan terms).