Second Mortgage
Simply fill in the enquiry form on the right for a FREE ASSESSMENT. You are absolutely under no obligation to accept offers that are presented to you by our expert staff. It’s confidential and there is NO CREDIT CHECK.
A second mortgage is just that - another mortgage on your commercial or residential property that has an existing home loan.
Second mortgages are ideal when existing cash flow is just not enough to meet your current financial needs and the chance of finding some money 'just lying around' is looking pretty slim.
We recommend a second mortgage when a client needs money quickly.
Using your property as security may allow funds to be available to you within 24 to 72 hours from approval for second mortgages, providing we are satisfied that you meet all documentation, loan suitability and ability-to-pay requirements at the time of application. The application process is simple and painless, and a second mortgage is one of many debt consolidation solutions offered by the Australian Lending Centre.
How much can I borrow for a second mortgage?
Second mortgages can start from $5,000, however the total amount available is determined by three key factors:
- the value of your property you wish to take a second mortgage on;
- your ability to meet the repayments for a second mortgage; and
- your preferred exit strategy for the second mortgage.
Our friendly team at Australian Lending Centre is able to evaluate your situation, existing home loan and suitability for a second mortgage in one quick phone call.
A few of the great things about a second mortgage include:
- Easy to apply - generally speaking, a second mortgage is easier to qualify for than a home loan. In some instances we may only require your proof of identification and an evaluation of your property for a second mortgage.
- Fast approval - As the amount of paperwork required to apply for a second mortgage is considerably less than other loans, such as a home or personal loan, we can have your application approved and transfer the funds to your nominated account fast.
- Reduce paperwork - a lot of the paperwork and preliminary assessments required for a home loan application are not required.
How can I use a second mortgage to my advantage?
A second mortgage can be used for a number or reasons. Some of the popular reasons for taking out a second mortgage include:
- Debt consolidation - personal loan consolidation, credit card consolidation, paying off store cards and other debts with a second mortgage.
- Short term loan - a second mortgage can free up cash quickly if you're looking for a short term loan
- Investment loan - if you are looking to increase your portfolio in a hurry, a second mortgage can help
- Reducing monthly financial obligations or paying off high interest debts can be accomplished quickly with a second mortgage
How to Apply for a Second Mortgage
Apply online now to the Australian Lending Centre or for further information about second mortgages, complete an Express Enquiry Form.
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