Home Equity Loans

Home equity loans are generally set up as a second mortgage loan, and they generally run for 5 to 10 years or longer.

A short term equity loan with Settlement Advances, is set up to run for an initial 60-day period - which is enough in most cases. They are generally used when the vendor is in the process of selling their property and needs quick access to the funds or equity, before the property finally settles. Settlements can take weeks or longer, but the general principle is that, as soon as the property does sell and settlement completes, the loan is automatically repaid, at that time.

Short term equity loans are used to bridge the gap between selling a property and the release of funds on the settlement date. They are used when the vendor or seller needs quick access to their equity that they have built up in the property, and they just can't wait till settlement.

Some common examples are listed below:

Pre home sale listing

• Home renovation costs before listing the property for sale
• Home and garden repairs and maintenance pre-sale
• Home advertising costs to list the property

Pre settlement date

• Deposits on new properties
• Bidding for properties at auction
• Purchase a new property

Yes, with Settlement Advances, you can get an advance on the equity you have in your home, for the purpose of preparing it for sale.

This may be a good option to increase your chances of a quicker sale and at a higher valuation. If you have no intention to sell, at this time, then a home equity loan with us is not a good option, as these are short term loans, intended as a quick solution, to be repaid in 60 days (which can be extended), when the property sells.

Yes they can. Please select 24 hours when you apply, and our staff will call you back ASAP and let you know what is needed to get your application across the line ASAP in an emergency.

Examples of documentation required:

• Contract of Sale - (if applicable) for the property you are selling or advancing against
• Mortgage Statement - PDF document issued by your mortgage provider
• Solicitor or Conveyancer - (if already arranged) their name, company and contact details
• Identity Verification - A clear, colour photo of the front and back of your Driver's Licence

Yes there are. Settlement advances are a fast equity loan option.

They are suited to vendors who are in the process of selling their property or have just sold, but need quick access to the funds from the sale, before the settlement date. Advances can be paid out in 24 to 48 hours, depending on your needs. They are a short term loan option, where the loan will need to be repaid quickly, at settlement. Advances are set up for an initial 60-day period, which can be extended, if the settlement has not concluded yet.

Most home equity loans will lend up to around 80% of the equity you have in your home, or if you own the property outright, they may lend up to 80% of the expected sale price of the property. They are generally subject to credit checks, as with other traditional lending options.

With Settlement Advances, we do not need a property appraisal, which could slow down the approval process. We can lend up to 80%¹the available equity value that you have in your property, minus our fees¹ - our maximum advance amount is $5,000,000. Approval can generally be done in 24 to 48 hours, however we are able to approve and fund on the same day, when urgent.

This will be dependent on the amount you borrow and how long it is needed for. See the Repayment Costs Chart for some examples.

Check out our Costs and Charges page to use our loan calculator.

These will depend on your progress from deciding to sell and any unconditional offer on your property. See some common documents we require, as below:

• Contract of Sale - (if applicable) for the property you are selling or advancing against
• Mortgage Statement - PDF document issued by your mortgage provider
• Solicitor or Conveyancer - (if already arranged) their name, company and contact details
• Identity Verification - A clear, colour photo of the front and back of your Driver's Licence

For traditional home equity loans, yes it does.

However, SettlementAdvances.com.au works a little differently and we do not require any property appraisal, which could slow down the approval and funding process.

• For pre-sale preparations, we can lend up to $50,000 (in some cases) for repairs and property advertising and listing costs - via our Vendor Paid Advertising product
• From unconditional offer to settlement, we can lend up to your property value¹ or the equity you have in it

This will depend on a careful look at your financial situation and needs. To help mitigate the complexity in the question, it is possible to both sell and buy, at the same time.

Settlement advances offer a solution, allowing you to purchase a new property, when your current property has an unconditional offer, but may take weeks for that to proceed through to settlement.

During the waiting time, you may find a new property that you would like to put down a deposit on or purchase outright. In these situations, a settlement advance can give you quick access to the cash you need, in order to make the offer and purchase the property.