Do you have an existing Caveat Loan or Second Mortgage and are paying high interest rates. Perhaps your current facility has expired and the lender has placed your loan in (high) default interest. We can payout your existing facility at a fraction of the cost that you are currently paying. Don't wait to the last minute call us now to find out how we can payout your current facility and save you thousands.
At Universal Finance we are confident that our loan offer will be the best in the current market. Therefore if you have received an indicative letter of offer from another lender email it to us and we will beat it!
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A caveat loan is a short-term loan that is secured against a property or another asset. Caveat loans are designed to be quick, with settlement often possible the same day. Loan terms can be up to 36 months, although many customers choose a shorter term for faster repayments. Because a caveat loan is secured against an asset such as real estate, there’s no proof of income needed, so this kind of loan can be useful if you’ve been turned down for other financial products.
Caveat loans can be used for all sorts of purposes, whenever you need a loan for the short-term. Many people use them when they’ve had an unexpected expense, such as a larger than usual bill or another cost they need to cover. Some people use the money pay off debts and consolidate them into one monthly payment, or to pay off an existing second mortgage to remove it from the property. Once the money is in your account, it’s up to you what you do with it.
The process of getting a caveat loan with Universal Finance is simple. You simply apply online, letting us know how much you want to borrow and what asset you’d like to use as security. We don’t need proof of income or tax returns, as the security for the loan is in the asset. We then process your application, with a letter of offer within 2 hours if you qualify and can usually make a settlement on the same day.
A caveat loan is often mistaken for a second mortgage, but they are two very different financial products. While your property is the security for a caveat loan, these loans are usually short-term, and once paid off, the caveat is removed. A mortgage or second mortgage has a much longer term, usually several years, and generally has a much longer application process too.
Universal Finance can process your caveat loan application quickly, with a letter of offer within two hours for most applicants. There are no upfront fees and we have designed our process so that minimal paperwork is needed, which speeds things up.
Universal Finance do not require a valuation for most of our caveat loans, although in certain situations, we may ask for one to be carried out. If you call us for a quote on (03) 9088 8369, we can advise what will be needed to proceed with your application.