No monthly repayments
Set-up fee from 0.79%
Min $300K, max $8M
Variable intro rate
Comparison rate^
No monthly repayments
Set-up fee from 0.79%
Min $300K, max $8M
Variable intro rate
Comparison rate^
Quick and simple online application with bank level security and encryption.
Get approved within 24 hours and progress with confidence.
Make the most of opportunities! Take your time finding your next perfect home.
Sell your existing property and pay down your Bridgit loan. No rush, you have up to 12 months.
If you’re considering moving to a new home but don’t have the funds to buy a new property yet because you haven’t sold, a bridging loan might just be for you. People look to move into a new home for all sorts of reasons; you may be a retiree wanting to downsize into a more manageable space, or maybe you have a growing family that can benefit from a larger house to accommodate everyone. With all these scenarios, Bridgit can help!
The usual route is to sell the existing property first to fund the new purchase. But often, this leaves people with little to no time to find a new home, making the process stressful. They might even spend a considerable amount of money on temporary storage or living before moving into their new space. Bridging loans can help eliminate such problems by allowing homeowners to buy their next property without selling their existing home immediately. Instead, with a bridge loan, they can tap into their property equity to fund their new home, allowing them to find the perfect home first and the flexibility to adapt to the change in their lives.
Looking for the fastest and most flexible bridging loans in Australia? Bridgit is the answer. We offer an unbeatable bridging loan where you can borrow anywhere from $300,000 to $8,000,000. We have a fantastic Australia-based customer support team who can assist you with applying for bridge finance as well as provide you with information regarding what a bridging loan is, advice on how to buy a house when you haven't sold yours, or address questions like ‘is bridging loan a good idea?’
When selecting bridge loan alternatives among the different bridging loan providers, it’s best to be as knowledgeable as possible about bridging loans first.
As the name suggests, a bridge loan ‘bridges’ the gap in your financial situation, allowing you to take your time and not rush searching for your next dream house. With a bridging home loan, you can borrow against your existing property equity to purchase your new home, and once your existing property is sold, the proceeds from the sale will be used to pay off your bridging loan.
Bridgit offers a 12-month loan term for bridging loans, meaning that you need to sell your existing property within 12 months to settle or pay out your loan.
If you’ve downsized, there’s a good chance there won’t be a remaining balance after the sale of your property so we can immediately release security over all your properties. As for cases of upsizing properties, it’s possible to still have a remaining loan balance after the property sale. We will partially discharge your bridging loan and release the security of the property sold. The outstanding balance will then be refinanced with another lender who can provide you with a longer mortgage term.
Many traditional lenders are stuck with slow manual processes, so the approval of your bridge loan could take anywhere from a few weeks to months. Bridge loans for real estate can be quite complex, so for these traditional lenders who don’t have a streamlined or tech-based process, it can take longer to release your funds.
Bridgit makes applications for bridging loans more convenient as we have built our own custom technology to improve lending processes and deliver the best experience for our customers. You can complete the online loan application within five to ten minutes. We also offer approval within 24 hours and settlement in as little as a few days is possible as well. Taking a loan from Bridgit is fast and easy, enabling you to cut through the red tape and progress in your life.
If you’ve been asking, ‘can I get a bridging loan to buy a house with Bridgit’, the answer is yes, you definitely can! Bridgit lends to all sorts of people, whether you are self-employed, retired, or a standard income earner. The requirements to apply for a Bridgit loan depend on your unique situation:
For PAYG income earners:
· Six months of continuous employment
· Proof of two months’ pay
For retirees with income:
· Pension and super income
For retirees with no income:
· No income verification required
· Pension and super income may be reviewed
For self-employed:
· Tax returns for two years (full doc)
· Accountant declaration (alt doc)
For a full list of the documents needed to complete your loan application, reach out to our friendly customer service team.
Bridgit offers fast, flexible, and secure bridging loans to help fund the purchase of your next property. We offer an attractive bridging loan interest rate, do not charge any early exit fees or monthly repayments. We have a simple set-up fee which can go for as low as 0.79% and is added to your total loan amount which is repaid once you have sold.
Apply for a Bridgit bridging loan now and take a step closer to your next dream home!
We’re here to help, if you have any questions get in touch
Disclaimer
Eligibility and approval is subject to standard credit assessment and not all amounts, term lengths or rates will be available to all applicants. Fees, terms and conditions apply.
^Comparison rate is calculated on a $150,000 secured loan over a 25-year term where a minimum repayment of 40% of the initial loan amount is made within the first 6 months of the loan commencing. WARNING: Comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in different comparison rates. Comparison rates for interest only loans will not reduce your loan balance. This may mean you pay more interest over the life of the loan. Bridging Loan set up fee is from 0.79% and government charges apply. A minimum repayment of 40% of the initial loan amount must be made within the initial 6 months to remain on the introductory rate. This can be achieved through sale of a property or other contributions.