Alternative Home Loan Options

Frequently Asked Questions (FAQ)

How do alternative home loans differ from traditional mortgages?

Alternative home loan options differ from traditional mortgages or home loan structures in a variety of aspects, such as loan terms, interest rates, eligibility, and restrictions. Ultimately, alternative home loans are there to meet the needs of those who seek a more streamlined process or greater flexibility.

• Loan terms. With property financing alternatives, borrowers can expect varied schedules and shorter repayment terms, catering to fast settlements.
• Interest rates. These non-traditional mortgages also typically offer interest rates that are more adaptable to individual financial situations, simplifying the management of personal finances.
• Eligibility and restrictions. Finally, unique mortgage options often feature more accommodating eligibility criteria, and this includes income requirements. This broadens their appeal and accessibility to a diverse range of borrowers.

In line with this, if you opt for us at Bridgit, you can get a chance to experience the distinct benefits of our alternative home financing.

Our bridging loans are a type of short-term lending that can provide you with more flexibility compared to conventional mortgage terms and rates. They also have no annual, monthly, or early repayment fees.

Rather than spending time considering all the alternative home loan options available, choose our bridging loans for a simple, tech-forward approach.

Find out more about our eligibility criteria to begin.

What are the eligibility criteria for alternative home loans?

Eligibility criteria for alternative home loan options typically vary depending on what kind of financing it is and which lender provides it. These requirements generally revolve around a stable income source, a certain credit score threshold, and perhaps even the ability to provide a deposit.

However, at Bridgit, our short-term property finance prioritises both transparency and inclusivity. For that reason, we’ve made our eligibility criteria straightforward.

To apply for our bridging loans, you simply have to be:

• eighteen years old or above;
• an Australian citizen or permanent resident;
• seeking a loan against a local property;
• eligible based on the parameters of our credit assessment;
• holding a good credit score; and
• in possession of a government-issued ID, such as a driver’s licence or passport.

By checking all these requirements, borrowers can submit their application, whether they’re looking to upsize or downsize their property.

For instance, this could be aspiring families who need a larger home to satisfy the growing needs of their children (or pets). In contrast, this could also include retirees or senior citizens who are leaning towards a smaller home, seeking a more manageable living space that gives them better access to their necessities.

At Bridgit, we are here to support your journey with our short-term property funding so that you can buy now and sell later. Leave your search for alternative home loan options behind and apply for a bridging loan in five to ten minutes.

Are there income restrictions for qualifying for alternative home loans?

On top of the standard eligibility criteria, some Australian borrowers are concerned about their employment setup and how it affects their qualification for alternative home loan options. While some short-term private lenders would have traditional income restrictions, Bridgit considers regular income, self-employed, and retired individuals – even those getting pay-as-you-go (PAYG) instalments.

If you’re self-employed, you’ll simply have to provide specific documentation to verify your details. As for retirees, we will review your equity position.

Now that you’re aware of the specific requirements, connect with us at Bridgit today for a short-term property loan. Apply now and reach out to our customer team should you need any additional support or information.

Empowering homeownership

Our mission at Bridgit is to provide Australians with the opportunity to access the equity of their property, enabling them to secure their dream home without the pressure of selling their current property first. Here, we provide flexible home financing so homeowners can focus on the immediate: purchasing a new property for their unique needs.