Second Mortgage Loans Australia
A second mortgage allows you to access the equity that you already have in your home. In simple terms, a second mortgage is a loan that is secured against real estate property that you currently have a mortgage attached to. When you secure a second mortgage your original mortgage lender will be on the title of your property with the addition of your second mortgage lender.
By using your home equity to secure your second mortgage, means that the loan amount you need can be approved and paid into your account in 24 hours or less.
Second mortgages are called a subordinate because, if the loan was to go into default, the first mortgage would be paid back before the second. Therefore, a lender of a second mortgage has a higher risk. This can result in a higher interest rate than that of the first mortgage.
If you need a second mortgage a knowledgeable team member at NSW Mortgage Corp can guide you through the process of finding out if a second mortgage is right for you. Please contact us today on 1300 137 778 or Enquire Now.
Determine How Much You Can Borrow
The application and approval process is simple and fast. The loan amount you need can be approved and paid into your account in 24 hours or less.
Second mortgages start from as little as $5,000 and can stretch to $500,000. However the total amount you can borrow as a second mortgage is determined by three key factors:
- The value of your property and the amount owing on your first mortgage
- Your ability to make the repayments on both your first mortgage and your second mortgage
- Your exit strategy – that is, the way you plan to repay the loan at the end
NSW Mortgage Corp’s attentive and friendly team members can evaluate this with a quick phone call and can provide approval over the phone. Applying for a second mortgage is easy and we’ll handle the paperwork for you. Get started by giving us a call at 1300 137 778 or Enquire Now.
A Second Mortgage Can Be Used To:
- Access equity in your home
- Pay off credit card debts
- Finance home renovations
- Access funds quickly
If you think you would benefit from a second mortgage, Enquire Now to see what NSW Mortgage Corp can do for you.