Second mortgage with no valuation
A HomeSec second mortgage sits behind your existing lender with no valuation, financials or bank statements. Your first loan is untouched, and we lend up to 80% of a residential property's value, counting what is already owing. A Lending Manager assesses the property, the equity, the purpose and the exit, with funding possible in as little as 24 hours.
See if you qualify in sixty seconds. No credit check to apply, no financials, no payments for the first six months. That's the HomeSec Advantage.
See if you qualifyThe usual picture of a second mortgage is a valuer at the door, a report a week later and a lender deciding whether it agrees with the number. Ours does not work that way. HomeSec has never used valuers, which is one reason our business loans are among the fastest and most flexible around, with up to 6 months no payments while the money does its job.
Two things can slow a second mortgage. We remove one of them.
With your first mortgage staying put, a second mortgage is mostly paperwork: a title search, the loan documents and registration behind the existing lender. Only two steps sit outside that. One is a valuation, and we never order one. The other is the first lender's consent, which a registered second mortgage generally needs. Consent is usually a matter of days, and in Victoria a caveat loan can be used where the date will not wait for it.
How the amount is worked out without a valuer
Start with what the property is worth, which you can estimate yourself because we assess value ourselves. Multiply by 80% for residential property or 70% for commercial, then subtract what is owing on the first mortgage. What is left is roughly the room for a second mortgage, from $20,000 to $5,000,000. Several properties can be combined if one does not get you there.
| Security | Your estimate | First mortgage | Ceiling | Room behind it |
|---|---|---|---|---|
| Family home | $1,000,000 | $500,000 | 80% — $800,000 | $300,000 |
| Investment townhouse | $750,000 | $420,000 | 80% — $600,000 | $180,000 |
| Warehouse | $1,600,000 | $700,000 | 70% — $1,120,000 | $420,000 |
Worked arithmetic only, not an offer. The figure we lend to is our own assessment of the property.
No financials, no bank statements, no serviceability test
Because the loan is secured on real estate, we do not read your tax returns, BAS or bank statements, and there is no serviceability test. What decides a second mortgage here is the equity behind the first loan, the business purpose and how the loan will be repaid, whether that is a refinance, a sale or money that is on its way. When a refinance comes through, it simply repays the HomeSec loan.
Every application is read by a Lending Manager and every credit decision is signed off by a person. We do not use artificial intelligence to assess, approve, decline or price a loan.
Why people choose a second mortgage over refinancing
- The first loan is worth keeping. A rate, a term or a lender you would not get again today stays exactly as it is.
- No break costs. Nothing is paid out, so nothing is broken.
- Speed. With no valuation and no refinance, the timetable is short.
- Room to breathe. Interest can be prepaid or added to the loan for up to six months, and the term is open: keep it as long as you need.
More detail on the instrument itself is on second mortgage business loans and fast second mortgages. Pricing is based on your individual circumstances, with the sharpest rate available for your situation.
Second mortgages without a valuation
Can I get a second mortgage without a valuation?
Will my first lender value the property again?
How much can I borrow on a second mortgage with no valuation?
Why do other second mortgage lenders want a valuation?
What if my bank will not consent in time?
Can my home be the security for a business second mortgage?
The property, the first mortgage balance and what the money is for. 1300 93 83 87, Mon–Fri, 8:30am – 5:30pm Melbourne time, or apply online.
See if you qualify in sixty seconds
Three short questions, no credit check to apply and no financial statements. A Lending Manager reads it and calls you back with a real answer — not a call centre, not an algorithm.
That's the HomeSec Advantage.