Second Mortgage Loans

Second mortgage loans are secured in addition to a first mortgage loan that uses the same property or land use on your first mortgage loan as collateral. In other words, it allows borrowers to secure funds based on the difference between their property’s value and their remaining balance on the first mortgage. However, in this case, the property isn’t solely used as security. In the event of a default, the lender can claim ownership.

Are you looking to save time by pursuing this alternative route to traditional refinancing? You can avoid excessive documentation and long processing times to secure the funds you need for your venture with second mortgage loans.

Invest In Secured Private Lending From The Best Mortgage Brokers In Australia

Whether you’re planning to consolidate debt or need additional finance for business purchases, our private lending specialists can thoroughly assess your objectives and tailor solutions in accordance with your need.

When Would You Typically Need Second Mortgage Loans

You can use second mortgage loans to:

Fund major renovation, restoration, or remodelling projects to increase property value
Clear high credit card debt and improve scores for future loans
Make a down payment for a car
Make payment for different luxuries (vacations, weddings, etc.)
Pay medical bills or emergency car repairs
Pay college tuition or debt consolidation

Typical Loan Terms

At EQ Lending, we assess second mortgage loan applications on a case-to-case basis to ensure they are 100% secure and legal.

Therefore, our loan terms and conditions vary accordingly. However, here are the typical terms:

The loan term can be as short as 3 months and up to 7 years
Borrowers can opt for monthly, pre-paid monthly, or lump-sum loan repayments
Interest rates are typically higher than first mortgages due to the compounded liabilities

Get Your Development Loan Approved in 3 Simple Steps

Speak to Our Team

Ready to apply for a second mortgage loan? Talk to one of our lending specialists to discuss your objectives and requirements.

Documentation

Following the consultation, compile and send us the requested supporting documents so our team can review and assess your application.

Mortgage Deed & Funds Exchange

Once your application is approved, you’ll receive a mortgage deed form declaring you’re providing the lender with a lien over your property. Once it’s signed and received, we’ll liaise with the lender to release the funds accordingly. .

As mortgage brokers, EQ Lending is dedicated to helping our clients achieve their objectives. We understand that sometimes our clients may not be able to meet banks’ requirements in securing a loan.

We are here to help.

ABN: 71 626 000 404

Terms & Conditions

ABN: 71 626 000 404

T & C