11 Feb 2022

How Do I Finance a Second Home?

How to Finance a Second Home

The Australian government offers grants to first-time homebuyers and support to lenders for several reasons. They want Australians to become homeowners. Homeowners start to build wealth on paper in the form of home equity. They can leverage the equity and parlay into favourable financial situations. For example, they can use it to finance a second home purchase.

In most cases, home equity from a first home covers the deposit on a second home. Then, the second-home buyer obtains a new mortgage to finance the remaining amount.  

Mortgage House offers home loans to second-home buyers. If the homeowner applies their home’s equity, it starts the process. Then, they receive access to home loans such as the:

  • Advantage Essentials Low Rate Home Loan 60
  • Advantage 3 Years Fixed
  • Advantage Standard Home Loan 95

During the application process for a second home, loan specialists at Mortgage House evaluate it promptly. Then, they ask the second-home buyer several questions. The information obtained helps our loan specialists understand the reason for the purchase. Investors aim to acquire the property and find a tenant. In other cases, they aim to resell the property after completing renovations.

Owner-occupiers sometimes purchase a second property as a gift for their children. 

Mortgage House loan specialists seek to understand the purpose so they can find the most appropriate product and competitive terms. You can also try our mortgage calculator without strings attached.

How to Finance a Second Home Conclusion

To finance a second home, homeowners can tap into their current home’s equity. Plus, obtain a new home loan. Loan specialists at Mortgage House can walk homeowners through the process. Contact our team today.

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