Bridging property finance can be a practical solution for people looking to buy a new home and sell their existing property later. When you get a bridging loan in Melbourne, you will use it to pay for:

Purchase a new home

Most people who get a bridging loan in Melbourne use the funds to purchase their new home. Borrow enough to cover the entire purchase price of the house, excluding the deposit. At Bridgit, you can borrow up to $4,000,000, depending on your credit profile and the type of property you are getting. Our loan-to-value ratios (LVRs) according to property type are as follows: 80% for residential and 50% for vacant lots.

Existing mortgage

The funds you get from a Bridgit bridging home loan also cover your existing mortgage, so you don’t have to deal with double mortgages once you buy your new home. When you take out a bridging loan in Melbourne through Bridgit, we will pay your existing mortgage, so you don’t have to struggle to manage two mortgages at once.

Other associated costs

Using a personal bridge loan, you can renovate your existing property and increase its value for sale or pay for moving costs and other fees associated with buying a new home or selling your old one. Because Bridgit doesn’t charge monthly payments, you can focus on using your funds to move into your dream home. You may pay back your Bridgit loan in full by the end of your term or after selling your existing property.

Not everyone knows how bridging finance rates are incurred when they apply for a bridging loan in Melbourne. However, there are many factors to consider when calculating bridge loan expenses, such as set-up fees, interest fees, monthly payments, settlement fees, the loan amount, and more. It’s ideal to get a custom offer from your lender instead so that you can get a realistic estimate of how much you have to pay.

You are more than welcome to apply for free here at Bridgit to get an outline of rates and fees tailored to your unique loan scenario. The loan size and bridging loan interest rate we offer you are adjusted according to your LVR, credit profile, and property equity. The lower your LVR, the stronger your credit score, and the higher the quality of your asset, the better our loan offer.

When you get a bridging loan in Melbourne or any part of Australia, the longest term you can usually get is twelve months. Some lenders offer over-a-year terms, but it depends on their specific loan conditions and whether or not you qualify for such a loan term. Do note that many lenders will charge you with early repayment fees if you settle your loan earlier than your term.

This is what sets Bridgit apart – we never charge early exit fees. You can choose to pay back your loan when you are ready, even if it’s months earlier than the end of your term.

How long can you have a bridging loan for at Bridgit? We can give you up to 12 months to pay back your loan, so you have enough time to find the right buyer for your current property. In case there is an outstanding balance after paying your loan using your property sale – a common situation for upsizers – we will partially discharge your loan. You can have it refinanced by a different lender who offers longer loan terms.

Upon repaying your Bridgit loan, please complete our discharge form and present documents supporting your property sale. We will process your discharge request within five business days, and we will release the security over your properties right away.

Complete your Bridgit loan application now and get closer to your dream home!