Unlock Equity
With A Smarter Second Mortgage
An Australian first, access your home equity on your terms with Midkey.
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Meet Midkey
A modern alternative to traditional second mortgages
For many Australians, the family home is their biggest asset. When plans change or unexpected expenses arise, accessing equity without selling can become a priority.
Traditional second mortgages can provide access to that equity, but typically require ongoing monthly payments, have higher servicing requirements and may require repayment in as little as one or two years. This can reduce flexibility and add pressure to household cash flow.
That’s where Midkey is different.
Midkey vs traditional second mortgages
Discover the differences between a traditional second mortgage and a Midkey loan.
Traditional
Second
Mortgage
Monthly payments
No monthly payments
Usually require regular payments
Interest
Lower simple interest rate that isn't payable until the end of the loan
Often charge a higher interest rate
Loan term
No fixed loan term. Repaid following the sale of your property or in the event of certain repayment triggers*
Often have a fixed loan term, typically around one to two years
Deferral Fee
Includes a Deferral Fee, which is a share of any
increase in your home’s Agreed Initial Value
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Regulated
Yes. NCCP Compliant
Many second mortgages are unregulated
Loan-to-Value Ratio
(LVR)
Offers second-mortgage lending of up to 30%, with a maximum combined LVR of 80%^
Varies by lender and structure
*Repayment triggers for your Midkey loan are included in your contract. The loan will need to be repaid if you default, if you increase your priority mortgage, if the LVR of your property exceeds 100%, if you move into an aged care, or if you die.
^The total LVR of your property, including the outstanding balance of any loan secured by a first ranking mortgage, cannot exceed 80% for owner occupied properties, or 75% for investment properties and apartments.
See if Midkey is right for you
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Property Type
Owner-occupied house
Investment house
Apartments
Apartments/units must be in a complex of no greater than 20, be more than 12 months old, and have a minimum internal floor space of 50sqm.
Sufficient Equity
You must have at least 20% usable equity in your owner-occupied house, or 25% for an investment house or apartment.
Usable equity is the portion of your property’s Agreed Initial Value that remains after subtracting any loan amount currently secured against your property.
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Type of Home Loan
If you have an existing mortgage, it must be a standard ‘principal plus interest’ home loan.
Australian Citizenship
You are an Australian citizen over the age of 18.
Final Approval
Your application is subject to Midkey’s loan assessment and final approval.
What makes Midkey better?
Not all loans are created equal. Explore how Midkey offers a smarter, more flexible way to unlock your home’s value.
Traditional Home Mortgage
Reverse Mortgage
Unregulated Loans
Bridging
Loans
No monthly payments
Looks at more than just your income
Long/no loan term
Available in addition to an existing mortgage
Welcomes a broad range of borrowers (18+)
Simple* accruing interest
Cheaper loan option
*Click here to learn more about ‘simple vs compounding’ interest.
Availability depends on lender and loan terms.
Trusted by borrowers
across Australia
Hear from Australians who made the Midkey move. Check out our latest reviews.
“The birth of your product has, without debt, given me a new lease on life and opportunity for myself and my kids. I can pay the school fees, renovate the way I want to, and see the house to pay back the loan.”
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Cheryl (52)
Coogee
“By using my Midkey to pay off some of my existing mortgage, I have reduced the monthly payments by more than 50% so now I feel less constrained, freer.”
Mark (37)
Kellyville
“My only other option was to sell and downsize, but I hadn’t planned to do that for another five to ten years. Without Midkey I would have lost my life as it was.”
Dianna (68)
Mittagong
“I admit I was sceptical at first, but then I looked online and did my research to understand the model, and it made sense.”
Glenn (48)
North Epping
“Our dream of giving our eldest daughter a lump sum towards her deposit has come true. Instead of buying a one-bedroom apartment, now she can buy a three-bedroom house in a better suburb.”
Elizabeth (60)
Brisbane
Frequently asked questions
Take a look at the most commonly asked questions.
What is a second mortgage?
How is a Midkey loan different from a traditional home loan?
Does a Midkey loan contain a no-negative equity guarantee?
Who is Midkey suitable for?
It’s simple. We’re here to help, whenever you’re ready.
Take your time, we’ll be here with helpful tools whenever you’re ready to act.
Or call us on 1300 643 539. No pressure, just help.
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