How Long Can You Have A Bridging Loan For

Aside from asking ‘how long can you have a bridging loan for?’ home seekers are also curious about the bridging loan interest rate and other loan fees they might incur. Many factors come into the equation when it comes to the cost of bridging property finance – interest fees, loan amount, deposit fees, monthly repayments, set-up fees, and settlement fees are some of them. You may use a bridging loan calculator or request a quote from your lender to get a realistic estimate of how much you’ll have to pay.

Bridgit welcomes you to apply for a free, no-obligation conditional approval to get an outline of rates and fees tailored to your specific loan situation. We adjust our pricing based on risk, which means we can give you a better offer the stronger your credit profile and the higher the quality of your asset is.

Bridgit doesn’t charge monthly repayments and early exit fees either. You can pay back your loan in full by the end of your term or any time you’re ready without paying early repayment charges.

How long a bridging home loan process takes is another common question people ask next to ‘how long can you have a bridging loan for’. How fast and easy your loan application will depend significantly on the process of your lender. Traditional lenders, for example, use manual processes that are slow and prone to errors, so it might take you anywhere from a week to a few months to get a loan from them.

On the other hand, online lenders like Bridgit can process applications much faster and enable you to apply from anywhere. Bridgit uses its own state-of-the-art technology that makes it possible for us to approve loan applications within the 24 hours from when they are sent. Thanks to our streamlined loan application process, settlement is possible in as little as a few days.

Complete your application for gap financing at Bridgit in a few minutes. Our team will reach out to ask you a few questions and let you know the amount you can borrow. You will have to make a small deposit from $900 to proceed with the next steps of the process and sign the documents electronically. Once everything is good, the funds will be released into your bank account, so you can make a downpayment for your dream house at once.

Now that you have an answer to your ‘how long can you have a bridging loan for?’ question, you must be wondering about the bridging loan requirements and criteria. To qualify for a bridging loan in Australia:

• You should have a strong credit history
• You must be an Australian citizen or permanent resident of Australia
• You should be 18 years old and above
• You should take out a loan against property in Australia
• You should be able to supply a government ID, such as a passport or driver's licence

Your lender may ask you to supply income statements, property documents, and personal identification documents as supporting documents for your loan application, so be ready to comply.

If you plan to get a home bridging loan from Bridgit, these are the documents you’ll need:

For PAYG income earners:

• Evidence of six months of continuous employment
• Proof of two months’ pay

For the self-employed:

• Full document on tax returns for two years
• Accountant declaration (alternate document)

For retirees with no income

• Pension and super income may be reviewed
• No income verification required

For retirees earning income:

• Documents showing pension and super income (if upsizing)

Please note that this is not the complete list of requirements; you may view the full list when your application has been approved or when you receive a loan offer from the Bridgit team.

You may have more questions than merely ‘how long can you have a bridging loan for?’ Schedule a call with our team, and we’ll be more than happy to assist you with your loan application.