A Second mortgage facility is a piggy back loan registered behind the first mortgage on a
property title. Second mortgage loans may be useful for the purpose of raising additional
short-term finance against a property where the borrower wishes to leave their first mortgage
in tact.
As the first mortgagee takes priority in the event of a default, the second mortgage lender takes
a greater risk and a higher interest rate reflects this.
A second mortgage differs from a caveat loan in that an official mortgage is registered on
the property title as opposed to a registered caveatable interest which is the case with a caveat
loan.
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| Loan Term | 12 – 36 Months |
| Interest Rate | From 16.95% p.a. |