Bridging Home Loan

If you’re asking ‘what is bridging finance’ for homes, it is a type of loan that ‘bridges’ the gaps in your financial situation when figuring out how to buy a house when you haven’t sold yours yet. A bridging home loan lets you borrow against your existing property equity to purchase your new home. You may use a portion of your bridging loan to pay off your current mortgage and the remaining amount as a down payment for the new home you wish to purchase.

At Bridgit, you don’t have to deal with double mortgages. We will pay your existing mortgage, allowing you to manage your finances better. We offer up to a 12-month loan term, with no monthlyt repayments. There are no early exit fees so you can settle your bridging loan as soon as possible.

A bridging home loan is a secured loan where the collateral is a part of your bridging loan eligibility. Typically, real estate is used as collateral to apply for a bridge loan.

Is a bridging loan a good idea? Yes! Bridge loan financing is beneficial for both upsizing and downsizing needs. If you choose to downsize to a smaller or cheaper home, there’s a good chance there won’t be an outstanding balance after selling your property. If your current home has equal or greater value compared to the property you want to purchase, you use it as collateral for the loan and sell it afterwards to pay back the loan. After settling your loan, all security over your properties will be released.

When upsizing properties, you may still have a remaining loan balance after your property gets sold. In such cases, we can partially discharge your bridging loan and release the security of the property sold. The remaining balance will be refinanced with a different lender who can give you a longer mortgage term.

A bridging home loan is a short-term loan that typically runs for six months up to a year. Some people may be unable to pay back their loan by the end of their term, so they ask whether they can apply for a second personal bridge loan. Some bridging loan providers may allow multiple bridging loans, while others won’t. However, a second bridge loan might have steeper interest rates and bridging fees.

Bridgit loans can be used for first mortgages. We offer attractive bridging finance rates that are hard to beat. We don’t charge monthly repayments or early exit fees. We will only charge you a set-up fee, which will then be added to your loan balance. You may repay your loan in bulk after selling your property by the end of your loan term.

Applying for bridging finance loans at Bridgit is easy. You may get approved within 24 hours from when you apply and complete your settlement in as little as a few days. Bridgit finance bridging loans let you borrow anywhere from $300,000 to $4,000,000 with a loan term of up to 12 months. Our dedicated Australia-based customer support team is eager to provide insightful bridging loan advice on your most suitable bridging home loan options.

Talk to a Bridgit expert today, and start your application for the bridge loan for your dream house! You can email us at hello@bridgit.com.au or apply online to get started.