What are the Benefits of a Second Mortgage?

A few of the great things about a second mortgage include:

Ease of Application - a second mortgage is often easier to qualify for than a traditional home loan as it does not require as much paperwork. In certain scenarios, we may only ask for your proof of identification and a valuation of your property (with which you’ll be securing the second mortgage against).

Fast approval – less paperwork means faster approval and ultimately, faster access to the cash you need. Unlike a first mortgage, when you apply for a second mortgage with NSW Mortgage Corp we can have the money in your account in as little as 72 hours.

How can I use a second mortgage to get ahead financially?

A second mortgage can be used for a number or reasons. Some of the reasons people choose a second mortgage include:

  • As a short term loan - a second mortgage can free up the cash quickly if you're looking for a short term loan
  • For debt consolidation - paying off high interest debts like credit card debt, store card debt, personal loans
  • For investment purposes - if you want to expand your investment portfolio to take advantage of a fantastic opportunity and ‘strike while the iron’s hot’.
  • To reduce your monthly financial obligations in other areas
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