How Much Deposit Do I Need For A Bridging Loan

Many people search online for answers related to ‘how much does a bridging loan cost?’ The loan deposit is an important consideration. Not sure what a bridge loan is? It is a loan you take out against your property equity, which allows you to buy first and sell later, so the amount of deposit you need also depends on your property’s value.

At Bridgit, you only need to make a deposit from $900 to accept your conditional approval offer and the valuation payment, and you can enjoy a loan term of up to 12 months. However, this deposit is taken off your total loan amount when you settle. This means you just sell your existing property and settle your Bridgit loan within 12 months.

Borrowers can receive better rates for low LVRs, high-quality assets, and strong credit history. Moreover, we offer no monthly repayments for the duration of our loan term.

Interested? You may apply for approval on our online platform for an outline of rates and fees tailored to your situation. You may also schedule a call with the Bridgit team if you have any other questions aside from ‘how much deposit do I need for a bridging loan?’

To be eligible for gap financing in Australia, you must:

• Have a good credit history
• Be an Australian citizen or permanent resident of Australia
• Be at least 18 years old
• Be borrowing against property in Australia
• Have a government ID, such as a passport or driver's licence

Be prepared to supply income statements, property documents, and personal identification documents in case we request them for your loan application.

Whether self-employed, retired, or a standard income earner, you are more than welcome to apply for bridging property finance here at Bridgit. Please have the following documents ready:

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 earning income:

• Documents showing pension and super income (if upsizing)

For retirees with no income (downsizing only):

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

You may view a full list of supporting documents once you get accredited. To settle your Bridgit loan, you will need to complete the discharge form and supply documents supporting the sale of your home after you sell your existing property.

Aside from ‘how much deposit do I need for a bridging loan?’ Australians also ask if they need property equity to get a bridging home loan. In all cases, you need to have property equity to qualify for bridge finance. Your loan size, loan term, interest rates, and other bridging fees may also depend on the amount of equity you have over your property.

Bridgit adjusts pricing and loan size based on risk, which means the higher the quality of your asset, the lower the LVR, and the stronger your credit profile is, the more likely it is we can help you. At Bridgit, you can borrow anywhere from $300,000 to $4,000,000 to fund the purchase of your new home. We can give you up to 12 months to sell your existing home and pay back your loan, so you don’t have to rush the process.

We offer an initial interest free period for your Bridgit loan. We dont'charge exit fees either, so whenever you are ready to settle your loan, you are free to do so without extra costs.

After looking up ‘how much deposit do I need for a bridging loan?’ people also ask if they need to make bridging loan repayments monthly. At Bridgit, you don’t have to worry about monthly payments or fees; you may pay back your loan in full by the end of your term after selling your property.

Apply for a Bridgit loan now and get a personalised answer to your ‘how much deposit do I need for a bridging loan?’ question. You can complete the application in a few minutes!