Get up to $20,000 fast by accessing the equity in your property.
With rising property prices adding hundreds of thousands in equity to NZ homes, you could be worth a lot more than you think!
And if you need some extra cash to move to a bigger home, pay off high-interest debt, or just refurbish the kitchen in your existing home, a second mortgage from QuickLoans could be exactly what you need to unlock this equity and turn it into liquid cash fast.
We’re second mortgage experts and have been helping NZ homeowners use the wealth in their home to buy, extend and consolidate for over 10 years.
Taking on more debt through a second mortgage may seem like the last thing you’d want to do, but depending on your situation it could be a smart move that could help you achieve your goals much faster.
A QuickLoans second mortgage could help you…
- Secure a deposit for a new home before it gets snapped up by another buyer…
- Add tens of thousands of dollars of value to your property through new additions like a larger bathroom, heat pumps, extra bedrooms, and more…
- Pay down a high-interest debt and reduce your monthly bills to one, easy-to-manage payment…
And much more. We can help you access fast funding subject to the responsible lending code and affordability.
Get expert advice and great rates from friendly NZ locals
If a second mortgage turns out to be the right move for you, we’ll ensure you get a great rate on a payment schedule that is comfortable for your family.
But there’s only one way to find out whether a QuickLoans second mortgage is right for you.
Apply for preliminary approval today by clicking or tapping the ‘Apply Now’ button below and entering your details. We’ll take a look at your situation and get back to you within 60-minutes to discuss your best options.
What is a Second Mortgage and When to Get It
If you are thinking of buying an investment property, getting your house renovated, funding a new business, or if you have a large expense coming up, a second mortgage can cover these expenses.
Here are Quick Loans, we offer second mortgages to help you achieve your short-term financial goal or make the necessary payments. First, you need to understand what a second mortgage is and then determine if you are a good financial fit.
What is a Second Mortgage?
A second mortgage is a short-term loan where you use your home equity to secure another loan. In other words, it is using your home as collateral while still paying it off.
The amount we can lend for a second mortgage is dependent on your home equity, which is the difference between your home’s value and the amount you still owe. Technically, you don’t own your entire home until you’ve fully paid it off. The part that you own is the equity and can be used to secure a second mortgage loan.
For example, if your home is worth $500,000 and you owe $120,000 on your mortgage, your home equity is $380,000.
Second mortgage loans base their value on the current equity of the property. Generally, a home’s value increases over time, which also means your equity increases. New Zealand’s real estate market has seen a rapid increase in the past years, so your home’s value should have also increased.
Your home’s equity also increases if you’ve made improvements in the home. A kitchen renovation, an additional bedroom or a basement turned second living room adds value to your property.
How Does it Work
A second mortgage has an application process, loan approval and loan pay-out. You are also required to make regular loan repayments (weekly, fortnightly or monthly) on top of your regular mortgage payments.
Since you used your home as collateral, the loan is considered a “second” mortgage. Because this mortgage is dependent on the first home’s equity, it has, in most cases, higher interest rates than the first mortgage loans.
Here’s something crucial to know. When you take a second mortgage loan, a mortgage is placed on the title of your property. A mortgage is the lender’s legal right to possess the property if you default on your loan repayments payments and your home can be foreclosed and sold.
When to Get a Second Mortgage
Unlike a home mortgage that you can only use to buy a house, a second mortgage can be used for almost anything.
Before you decide to get a second mortgage, remember that it comes with the possibility of higher interest rates. It is also another debt, another loan repayment payment you have to make. But if you are really short on money for a project, it is still a better option because it usually has a lower interest rate than a credit card.
When should you consider getting a second mortgage?
Home repairs or renovation. Home repairs and renovations can be expensive. A second mortgage is a good source of financing for the repair or renovation project.
Business investment. When you need additional funds to start a business, a second mortgage can provide the financial boost to get your business started. Here at Quick Loans, we also offer business loans, so if you are starting a business, reach out to us and we can help you get the funding you need.
Health expenses. When a family member is in need of medical assistance such as surgery and you’ve already used up other means of financing for the medical bill, a second mortgage can be considered.
Easy, Fast Loans With Our ‘Digital Signature’ Service
You’re busy. We get that. That’s why you can sign for, and receive your funds, without even leaving your house. Our digital- signature service provides an even more stress-free, convenient service for you. If you’ve got a smart-phone or a computer, you can apply and get approved today! Click here to start the process.