How it works
How a business second mortgage moves, step by step
Speed comes from running the slow steps side by side. Here's exactly what happens, and when.
A second mortgage has more moving parts than most business loans, but none of them are mysterious. The order below is how a clean file runs. If yours has a wrinkle, such as a trust owner, a caveat on title or a first lender that needs to consent, the specialist will tell you on the first call where it fits and how long it adds.
- 1
1. Enquire in about 60 seconds
Property address and value, what's owed on the first mortgage, how much you need, what it's for and when. No credit check when you first enquire.
- 2
2. A specialist calls you
One person reads your enquiry, checks the numbers with you and sketches an indicative structure: combined LVR, buffer, term and exit.
- 3
3. Title, value and first loan, side by side
Title search, valuation and your first-loan statement are handled in parallel. If your first loan needs consent, the request goes out straight away.
- 4
4. Offer and documents
You see the structure and every cost in dollars before you commit. Only once you decide to proceed is a credit check run.
- 5
5. Sign and settle
Documents are signed, the mortgage is lodged electronically and funds are paid to you, or directly to the ATO, a supplier or the lenders you're paying out.
- 6
6. Exit
The loan is repaid from the planned exit: a sale, refinance, trading income or an incoming payment. The mortgage is discharged and removed from your title.
What makes a file fast
- Your first-loan statement, ready on day one. It drives the combined LVR. See reading your home loan statement.
- A clean title. Order your own search first; see how to order a title search.
- Every owner available to sign. Co-owners and guarantors are the most common delay.
- A clear exit. Lenders move fastest when they can see how the loan is repaid. See exit plans.
For the detail on timing, read what sets the speed of an urgent second mortgage. To check your numbers first, use the equity and LVR calculator.
Common questions
How long does the whole process take?
For property-secured amounts from $20,000 to $250,000, same-day funding is possible when valuation, title and signing line up. Up to $5,000,000 is possible within 24 to 48 hours. Trust property, several owners or specialised commercial property can take longer.
What should I have ready?
Your latest first mortgage statement, a council rates notice, photo ID for every owner, and a sentence or two about what the money is for and how it will be repaid.
Does enquiring affect my credit score?
No. There's no credit check when you first enquire. It only happens once you've seen the options and decided to go ahead.
Will my details be sent to lots of lenders?
No. One specialist handles your enquiry and approaches only the lender that fits your file.
Do I need to visit an office?
Usually not. Identity checks and signing are generally done electronically or with a verification process, and settlement happens online.
Ready to start?
The first step takes about a minute. Tell us about the property and the need, and a specialist will call you. Please fill the form in accurately, especially the value and what's owed; it's what lets us get the structure right first time.
See what your property equity could fund
One short enquiry, no credit check when you first enquire, and a second-mortgage specialist who calls you back with a structure that fits.
No credit check to enquire
One specialist, not a lead auction
A real person reads every file