Many lenders allow you to get multiple bridge loans, but not at the same time. You may have to settle your initial short-term bridging loan before applying for another one. If you have a good credit profile or previous transactions with the same bridging company, you may be able to negotiate multiple bridge loans for homes. However, the final decision is still up to the lender.

Bridgit offers short-term property loan options of up to 12 months, so you can quickly settle your loan and get a new one if you need to. What sets us apart from other bridging loan providers is that we don’t charge early exit fees. You can repay your bridging property finance loan as soon as you’re ready.

Typically, when you downsize into a smaller or cheaper home, your property sale will be enough to pay back the entire loan, and we can release the security over your properties. If you upsized your home and still have an outstanding balance after selling your existing home, we will only partially release the security. You may refinance the remainder of the loan with another lender who can grant you a longer loan term.

A bridge loan is the answer if you’ve been wondering how to buy a house when you haven’t sold yours. What is a bridge loan, you ask? It lets you borrow money to pay for the new home you want and the mortgages and other fees that come with it, while you are in the process of selling your current home.

To pay back bridging property finance, you can sell your existing property after moving to your new home. You have 12 months to repay your Bridgit loan, giving you enough time to find the right buyer for your property. After selling your existing property, you can complete our discharge form. You may have to present some documents supporting the sale of your property. Processing your discharge request may take up to five business days.

At Bridgit, you may borrow anywhere from $300,000 to $4,000,000. Submit your online application, which takes less than ten minutes. Once you agree with the bridging finance rates, to accept your conditional approval offer, you only need to make a deposit from $900 and the valuation payment. After valuation and verification, we can complete your settlement in as little as a few days.

Interim finance and bridging mortgage loans are short-term finance options that lenders usually offer at terms less than one year. The bridging property finance term you can get depends on your chosen lender’s offers and your bridging loan eligibility as a borrower. The bridging loan interest rate is another consideration for your loan term – you might have to pay more interest the longer your loan period is.

We’ll also adjust interest rates based on risk; if you have low LVRs, high-quality assets, and strong credit history, we can offer you better rates.

We will also pay your existing mortgage, so you don’t have to deal with double mortgages. There’s no need to worry about monthly bridging repayments at Bridgit. You can repay the full loan amount after selling your property within your loan term. We will always maintain transparency with the pricing and let you know all the fees you incurred – such as valuation and settlement fees – so you always know how much to pay.

Unlike traditional lenders stuck with slow manual processes, Bridgit uses cutting-edge custom technology to streamline the bridging property finance process. With this, we can deliver a smooth and hassle-free experience from start to finish. If you want to know more about the cost of bridging finance, our team is always here to assist if you have questions about your rates or the process.

Apply for a bridge home loan at Bridgit today, and take one step closer to your dream house!