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Arthur, a recent Bridgit customer, sought relief from rising interest rates by moving from the Melbourne city to his dream countryside home.
After 25 years in his Melbourne home, Arthur felt the pressure of increasing living costs after consecutive rate rises, compounded by the need to renovate his property.
An ideal property in the country came to market, but his bank of 40 years wouldn’t help him unlock his equity due to serviceability requirements tied to his current employment status, even despite him having a valuable asset which he was in the process of selling.
Arthur turned to Bridgit. Being much more comfortable with mechanics than finance, Bridgit provided Arthur with a single security bridging loan against his Melbourne property, including additional funds for cosmetic improvements. This allowed him to purchase his dream home in the country and make the move.
Here’s a snapshot of the loan:
Loan amount: $542,000
Location: Metro Category 1, Victoria
LVR: 71.10%
Loan Type: Buy now, sell later
Arthur successfully relocated to his rural home, achieving his long-held dream of a treechange, and setting up his next stage.
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Schedule a call today and workshop a scenario with one of our specialists.
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At Bridgit, we’re proudly filling the gap in the market with a dependable bridging loan solution that meets the needs of Australian homeowners and the mortgage broking industry. Let’s run you through five key ways Bridgit is built with modern borrowers and brokers in mind.
Bridgit has won the Finder Award for Best Lending Innovation for 2022! We’re thrilled to be recognised as the Most Innovative Lender for our tech-first lending solution.
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After waiting months for loan approval with her current lender, the Aussie homeowner was about to lose her dream property along with the already paid deposit.
