Applying for a second bond is primarily intended for home improvements and not to be confused with accessing equity available in your bond for other reasons like dealing with debt or purchasing other assets.
If you have had your bond for some time and wish to access the equity available, in most cases the bond can be converted to an access type bond which essentially gives you access to the capital amount you have paid off on your bond and you will be able to transfer it without limitation.
If you need to make additions or alterations to your home that will add value to the existing property, you can apply for a second bond to cover the construction costs.
The process of applying for a second bond is exactly the same as applying for a first bond where the bank assesses your ability to make the repayments, the value of the property before the alterations or additions and the value after the improvements. They will then lend a portion of the increase in value to embark on the project subject to certain terms and conditions.
Using a bond originator is recommended in applying for a second bond. It may be an option to move your existing bond from one bank to another at a better interest rate with fewer conditions than to simply accept what your existing bond holder offers.
Remember that a small difference of ½% in the interest rate can mean hundreds of thousands of savings over a long period, so explore all of your options before signing for a second bond and of course a bond originator costs you absolutely nothing.