Second Mortgage Loans

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Second Mortgages

A second mortgage is an additional loan taken on a property that already has a primary mortgage. It’s generally used for purposes like home improvements or debt payoffs. The second mortgage holds a lower priority than the first, meaning that in case of default, the primary mortgage must be settled prior to the second. In order to be eligible for a second mortgage, you may need to secure approval from your initial lender. After obtaining this approval, you have the option to take out the second mortgage from the original lender or opt for a different lender. 

At Capseed we have a transparent and swift process to address your second mortgage needs. Some of our process features are listed below.

Competitive Rates

Second mortgages are considered riskier by lenders, so they often come with higher interest rates compared to primary mortgages. Capseed being a private lender can offer competitive rates, so the overall borrowing costs are minimized.

Maximum Financing

You can borrow up to 75% of LVR for residential properties & up to 70% of LVR for commercial properties.

Quick Approvals

Obtaining approvals for a second mortgage can be more complex, as borrowers need to get permission from their original lender before applying with a new one. At Capseed we have streamlined this process and help our clients get through it quickly by preparing the necessary documentation.

Transparency

We believe in complete transparency with our clients and provide a clear breakdown of costs associated with second mortgages. These including application fees, legal fees, etc.
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FAQ’s

Yes, you can apply for a second mortgage even if you have a primary mortgage, but you will need to meet additional lending requirements and obtain approval from your original lender first.

Yes, you can apply for a second mortgage even if you have a primary mortgage, but you will need to meet additional lending requirements and obtain approval from your original lender first.

Second mortgages generally have higher interest rates compared to primary mortgages, as they are considered riskier for lenders.

Yes, you can use the funds from a second mortgage for any purpose you deem fit.

Yes, you can refinance your second mortgage if you are being offered better rates. You may need to get approval from the original lender first.

Yes, you can apply for a second mortgage with a different lender, but you will need to obtain approval from your original lender first.

Yes, the additional fees associated with a second mortgage may include application fees, legal fees etc.