mango credit, short term caveat loans

Five Factors to Consider When Applying for a Second Mortgage

A second mortgage, or equity loan, is a loan on a property that is subsidiary to a primary mortgage or loan. These are a great option when you are waiting for the sale of a property, have an investment about to mature, or if you have a lump sum payment coming to you in the short term. Here are five factors to consider when applying for equity loans Australia wide:

1. Ensure That You Have Adequate Equity

Before taking out a loan with us, make sure that you have enough equity in your property to cover the cost of the loan.

2. Be Aware That Your Property is Being Used as Collateral

TThis means that if you do not pay the loan back, the financier can sell your property for any price to collect the amount that is owed to them. You would receive the rest of the money from the sale.

3. Ensure That You Can Pay Back the Funds as a Lump Sum

Our short term loans are arranged quickly and easily. You must have the capacity to pay back the loan in 2 to 12 months.

4. Bridging Loans Australia Wide are Approved Quickly

Loans are approved within 24 hours. After valuation of your property has taken place, settlement occurs just 72 hours later.

5. There Are No Credit Checks

When you apply for a second mortgage with us, your equity is your source of funding. There are no credit checks, and your credit rating is not taken into account.

When taking out second mortgages or bridging loans Australia wide and overseas, our loan amounts are from as little as $10,000 up to $500,000. Contact US at Mango Credit for more information on equity loans Australia wide today!