What a second mortgage can actually advance.

The gross second mortgage is whatever headroom exists under the combined LVR cap. What reaches the borrower is that number less retained interest, establishment and broker fees, legals, and anything that has to be cleared at settlement. This shows both, and the gap between them.

Assumptions, stated rather than hidden. The gross second mortgage is the headroom between the first mortgage limit and the combined LVR cap applied to the security value — note it is the first mortgage limit, not the drawn balance, that most second mortgagees measure against, because the senior lender can redraw. Retained interest is calculated on the full gross amount for the months you set, which is the common private structure; where the facility is serviced monthly instead, set retained months to zero. Arrears and statutory debts are treated as paid from the advance at settlement, because most private second mortgagees require statutory debts cleared as a condition. Priority deed negotiation, first-mortgagee consent, valuation and any cross-caveat over other assets are not modelled — and they are usually what determines the timeline. Nothing here binds any lender. General information only, not financial product advice or credit assistance, and not an offer of finance.