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Second Mortgages

Need to renovate your home or rental property? We offer second mortgages starting from $10,000

Second Mortgages

We offer Second Mortgage Finance from $10,000.

The maximum second mortgage loan we can give you is determined by your capacity to meet the repayments, and the equity available in the home or land securing the loan.  Contact us or fill out an application form to see how this would work out for you.

For a loan of less than $10,000 secured by your home or land, we offer Personal Loans which can be secured by a simple caveat over your property, which can be slightly quicker than a mortgage.

Second Mortgage Requirements

You may be eligible for a Second Mortgage if:

  • You are at least 18 years of age, a NZ citizen or permanent resident; and
  • You have a regular income which is sufficient to service the loan payments; and
  • You or your guarantor has a property with sufficient equity

If you are unsure about whether or not we can help, please feel free to contact us on 0800 11 22 74 or simply apply now.

Second Mortgage Payment Calculator

Your repayments: $ Apply Now!
Payment Protection Plan
This payment calculator is a guide only to assist in determining weather a loan is affordable. Your final payments may differ from those shown.

What do I need to get Second Mortgage Finance?

Home or Land Security

We use residential or commercial real estate that has freehold title. It can belong to you, or someone you know who has agreed to come on the loan as your guarantor.

There can be an existing (first) mortgage against the property, we register our (second) mortgage after the bank. If there is already a caveat or second mortgage after the bank, we would need to repay that debt as part of the loan in order to use the property as security - we can't be third charge on a title. 

Property value

We have to determine how much the property is worth, and how much is currently owed. Without this we can't determine how much we can lend against the property, so we can't approve the loan.

Please submit the following as part of your application:

  1. Your rates notice/invoice from the council, showing the Capital Value of your property 
  2. Your mortgage balance (e.g. front page of mortgage loan statement) 

If you have a recent registered valuation, this can also be helpful especially if there is a large difference between the capital value and the market value.

Credit History & Affordability

Credit history

We look at any credit history you have with Asset Finance, and we check your credit record with a credit rating agency. Together these things show if you have met other financial commitments in the past.

However, we do understand that most people go through a difficult patch at some stage in their life such as sickness or a relationship breakup, and for many this can affect their credit rating. So when looking at any bad or adverse credit history, we pay particular attention to how a person dealt with it, how long ago it happened and to what extent it was a problem.

In some cases, particularly where there is recent or unexplained bad credit, we may require a guarantor to provide additional security.

Affordability & Stability

As a Responsible Lender, we consider your capacity to meet the loan repayments.

Depending on the repayment amount and your income sources, this may require us getting information about your income and expenses.

We also consider your job and living history to determine whether your capacity to meet the repayments is likely to change during the term of the loan.

The Application Process

Loan Application

Loan Application
10 Minutes


2 Hours

Approval and Documentation

Approval & documentation
30 minutes

Funds Transferred to you

Funds transferred to you!
Same business day