Alternative Home Loans

Frequently Asked Questions (FAQ)

What is an alternative home loan?

An alternative home loan in Australia refers to mortgage options beyond the standard fixed and variable rate loans, which can also cater to unique mortgage products, borrower needs, or circumstances. Such loan products from mortgage lenders or private lender home financing are especially helpful for those with diverse credit scores or profiles.

Featuring types like variable-rate mortgages and interest-only options, alternative home loans offer flexibility and accessibility, especially for those with challenging financial profiles or those seeking housing loan alternatives.

At Bridgit, we specialise in bridging loans for homeowners who wish to purchase a new property while selling their current one. This approach not only helps to relieve the pressure of selling immediately, but also opens up the door to unique property types that may otherwise be out of reach.

With the help of Bridgit bridging loans, you don’t need to put your life on hold while you make big property changes.

What types of alternative home loans are available on the market?

Generally speaking, the lending market offers many types of alternative home loans, each designed to address unique borrower needs. These different loan types provide different options for different needs and circumstances – from short-term loans, to more flexible repayment plans.

Here are five types of alternative home loans available in Australia:

• Variable home loan. This type of loan has an interest rate that can fluctuate based on market conditions. It typically offers competitive interest rates and features like offset accounts, redraw facilities, and the ability to make extra repayments
• Fixed home loan. The interest rate on this type of loan is locked in for a set period, usually between one and five years. Generally, it offers stability in repayments, but there are fewer features, and additional repayments may be limited.
• Split home loan. This loan splits the mortgage into different rate types: part fixed-rate and part variable-rate. As a result, it offers stability (from the fixed portion) as well as flexibility (from the variable portion).
• Interest-only home loan. An interest-only loan allows you to borrow a certain amount and pay only interest. While this type of loan usually has lower initial repayments, it may incur higher total costs over time.
• Bridging loan. A bridging loan is a type of short term property funding used to cover the purchase of a new property while still selling an existing one. This loan type offers a temporary financial solution between buying and selling a home.

These specialised home loans are tailored for unique life situations, offering flexible repayment terms and easier credit qualifications. To that end, Bridgit offers customised mortgage plans in the form of bridging loans so that borrowers, like you, have options to cater for your unique situation.

Can self-employed individuals qualify for alternative home loans?

Self-employed individuals can certainly qualify for alternative home loans.

These loans often provide more flexible criteria than traditional mortgages, which can accommodate varying income streams and credit histories. With that in mind, self-employed applicants may need to provide additional documentation to demonstrate their income stability and financial health.

At Bridgit, self-employed applicants will be asked to provide full documentation of their tax returns for the previous two years. In some instances, an account declaration may also be required. Other documents may also be requested, depending on your loan application. Feel free to reach out to our friendly customer service team for more information.

Bridgit understands the unique challenges self-employed individuals face and offers specialised solutions to alternative real estate loans. Our goal is to make the journey to homeownership as smooth and fulfilling as possible and bring you a step closer to your next dream home.

Revolutionising Property Loans with Bridgit

Bridgit is redefining access to alternative home loans in Australia. With a vision to transform the bridging loan sector, our mission is to empower Aussies by unlocking their property’s value.

It can be challenging for homeowners to purchase their dream homes without having to sell their existing ones first. On that front, Bridgit offers a helping hand through options like short term property loans in Canberra, Sydney, or Melbourne, tailored to meet the diverse needs of Australian homeowners.

With a ‘tech first’ approach, we ensure a swift and seamless loan approval process, whether it’s for short term property loans in Sydney or alternative home loans financing elsewhere in the country. By leveraging technology into our simple online application process, more time can be spent on what matters: providing individualised customer service.

We also offer possible twenty-four-hour approval for qualifying applications, with settlement possible in as little as a few days once approved.

So if you’re still on the hunt for short term property loans in Melbourne or elsewhere in the country, then choose Bridgit for your property financing needs. With Bridgit, your next big step in life doesn’t have to wait.

Apply for a loan with us today!