Hi can anyone tell me what rates lenders charge for 2nd mortgage financing and usually for what period do they last.
is it worth getting these funds?
tks PiperI am helping a client at the moment who has a second mortgage. He is paying around 24%, but has defaulted and the rate is now 33% pa.
The going rate seems to be around 20%, and they usually only lend up to 80% LVR, so you would ordinairly not need one as cheaper funds are available on normal 1st mortgages up to 80%. This guy was just ripped off by a broker he chose from a newspaper.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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