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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.
Have a client that you think will benefit from our solution?
Schedule a call today and workshop a scenario with one of our specialists.
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This month, Nikki Pelizzoni, Regional Director at Bridgit, explains the broad range of clients that can benefit from access to bridging finance and how bridging can solidify your client relationships.
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In today’s fast-paced property market, securing your dream home before it’s gone can be challenging. Let’s run through how Bridgit’s bridging finance solution allows buyers to purchase their next home before selling their current one.
In the fast-moving world of real estate, speed is key. Here’s how we helped a Bridgit customer secure a bridging loan for an investment property that was ready to settle in just three days.
