Second Mortgage & Bridging Loan

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What is a "Second Mortgage"

Second mortgage loans are loans secured against second mortgage security over selected residential, retail, commercial, industrial or rural real estate. This type of security ranks behind the first mortgagee of the property. The second mortgage may or may not be registered.

Term of Second Mortgage Loans

Second mortgage loans will generally not exceed 12 months in duration. However, loans will be made with provisions for the borrower to rollover the loan and thereby extend the term of the loan.

Maximum Loan To Value Ratio

The following maximum loan to value ratios (calculated when the loan is made) generally apply in relation to this type of loan.

Type of Impairment	Category	1st Alternative	2nd Alternative	3rd Alternative	4th Alternative
	Current	0	1	2	4
Mortgage Arrears	1 - 6 months	1	1	2	Unlimited
(months)	7 - 12 months	1	2	3	Unlimited
Defaults & Judgements	Unpaid	0	1	2	Unlimited
	Paid (max)	0	1	3	Unlimited
	Total events (max #)	0	1	3	Unlimited
	Total events (max $)	0	$5,000	$10,000	Unlimited
Bankruptcy History	Current History	No history	Discharged > 3 years	Discharged > 1 year	Discharged
Property Location		Metro	Metro	Non-metro	Non-metro

>> Want more information on current interest rates

Maximum Loan Amounts
Max LVR (%)*
70%	$500,000
75%	$400,000
80%	$300,000
* LVR - Loan to Value Ratio

>> Want more information on current interest rates

What are "Bridging Loans"

Bridging loans are generally required when borrowers require money short term. A common example is where a borrower is required to settle on the purchase of a new property before selling an existing property.

Term of Bridging Loans

Bridging loans loans will generally not exceed 12 months in duration. However, loans will be made with provisions for the borrower to rollover the loan and thereby extend the term of the loan.

Maximum Loan To Value Ratio

The following maximum loan to value ratios (calculated when the loan is made) generally apply in relation to this type of loan.

Type of Impairment	Category	1st Alternative	2nd Alternative	3rd Alternative	4th Alternative
	Current	0	1	2	4
Mortgage Arrears	1 - 6 months	1	1	2	Unlimited
(months)	7 - 12 months	1	2	3	Unlimited
Defaults & Judgements	Unpaid	0	1	2	Unlimited
	Paid (max)	0	1	3	Unlimited
	Total events (max #)	0	1	3	Unlimited
	Total events (max $)	0	$5,000	$10,000	Unlimited
Bankruptcy History	Current History	No history	Discharged > 3 years	Discharged > 1 year	Discharged
Property Location		Metro	Metro	Non-metro	Non-metro

>> Want more information on current interest rates

Maximum Loan Amounts
Max LVR (%)*
70%	$500,000
75%	$400,000
80%	$300,000
* LVR - Loan to Value Ratio

>> Want more information on current interest rates

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Second Mortgage & Bridging Loan

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