A first mortgage is a loan where we accept the title to your property as collateral. This provides you with a better interest rate compared to a second mortgage or a caveat and faster processing times. It has priority over any subsequent mortgages and is repaid through monthly mortgage payments.
A first mortgage is a good choice because it’s cheaper than a second mortgage or a caveat and gets approved more quickly. With higher LVR it lets you borrow more of your property’s value and can help you buy a home or commercial space. You can also use a first mortgage to get money from a property you already own for personal or business needs.
Our First Mortgage loan options are affordable, require only a small amount of paperwork, and are processed quickly.
The amount you can borrow depends on your income the property's value. We usually follow an LVR limit of 75%, but in some cases if additional securities are available, we may go higher.
Aside from the deposit, additional costs may include loan application fees, valuation fees, stamp duty and conveyancing fees.