Frequently Asked Questions (FAQ)

When would I need a bridging loan?

Some people may still be confused about ‘bridge loan meaning’ or may ask, ’How do bridging loans work?’ Simply put, a bridging loan is your key to transitioning from one property to the next.

When a place you’ve been eyeing becomes available, and you are eager to secure it before someone else snatches it up, bridging loans for property purchases can offer the essential funds to make it happen, even if you haven’t sold your current place yet.

Opting for a bridging loan Australia-wide also means shielding yourself from those unforeseen costs that pop up when selling before buying – think rent, storage, or those pesky moving expenses.

Are there different types of bridging loans?

Now that you can answer the questions ‘What is bridging loan?’ and ‘How does a bridge loan work?’ let’s take a look at the different kinds. 

Bridgit’s suite of bridging use cases caters to a wide array of needs, ensuring that there is a bridging loan Australia’s homeowners will find useful at different points in their lives. 

For those inclined towards a cosier property with fewer distractions, our downsizer bridging loan could be a great choice. Conversely, if a spacious setting to accommodate a growing family or lively pets is in your future, our upsizer bridging loan could fit the bill.

Of course, we haven’t forgotten our self-employed and non-traditional earners either. You could apply with alternative verification methods, meaning you won’t be bogged down by traditional document checks that don’t align with your unique circumstances.

Do I need a good credit score for a bridging loan?

While a good credit score is a requirement for a loan, Bridgit aims to provide accessible financing options to different kinds of borrowers. As opposed to relying solely on your credit score, we also take into consideration the equity of your property and your asset position when determining loan eligibility.

At Bridgit, credit checks are only conducted if a loan is eligible for conditional approval. In fact, for those eyeing our downsizer bridging loans, it’s not a requirement to provide income verification.

Just a friendly reminder: Bridgit takes into account risk when adjusting pricing and loan size. So, if your loan-to-value ratio, or LVR, is low, you have high-quality assets, and you have a strong credit history, you stand a better chance of getting the best bridging loan rates.

Bridgit: revolutionising bridging loans for Australians

While the average bridging loan Australia has to offer can be a powerful tool that allows homeowners to buy on their own terms, people deserve a dedicated specialist. 

That’s why Bridgit is infusing our expertise with cutting-edge technology to give you swift, seamless, and substantial loan solutions. Check out our bridge loan calculator, which simplifies calculations, making it straightforward for Aussies to map out their financial journey.

Every aspect, from our fast processes to our attentive customer service, is designed to ensure homeowners can progress towards their next dream without unnecessary delays. Apply now!