Interim Finance

Interim finance is short-term financing where people and businesses get financial support for their ongoing expenses while they apply for long-term financing or make a property sale. An interim financial loan can help people who wish to purchase real estate but need more time to sell their existing property.

Bridgit offers a bridging home loan option to help people buy their dream home immediately without selling their old one. This can save you from unnecessary expenses such as temporary storage and moving costs. We can lend you anywhere from $300,000 to $4,000,000 (or even higher, depending on your application). You simply need to settle your existing property and discharge your loan within 12 months to repay your loan.

There’s no need to rush. Our goal here at Bridgit is to offer you a finance solution that can help you progress in life.

Many people, including real estate agents and bridging property finance lenders, confuse an interim loan with a bridging loan. These two loans are quite similar since they are both interim finance solutions, but they are also unique in their own way. In the context of purchasing a new home and selling an existing one, an interim statement doesn’t include a firm sale agreement on the existing property. This means that the loan is not conditional on the sale of the property – unlike a bridge loan where there is a firm contract for the purchase and a firm contract for the sale.

If you think a bridge loan suits your needs better than interim finance, you can conveniently apply for bridge finance online through Bridgit. We use our own state-of-the-art technology to streamline the loaning process allowing you to complete it in about ten minutes. In addition, your application may get approved in 24 hours, so you can quickly receive the funds to make a downpayment for your dream house immediately.

We also have a local Aussie-based team who will support you throughout the process and ensure you get a smooth and hassle-free experience at Bridgit.

To calculate the interim interest of your loan, multiply the daily accrued interest by the number of days in your interim period. If the interest that accrues daily is $20 and you have a 30-day interim period, for example, your interim interest will be $600.

At Bridgit, you can get a bridge loan that suits your needs at a fairly-set bridging loan interest rate just for you. The best part is that you don’t have to worry about making monthly repayments of your loan term.

We also don’t charge early exit fees at any point in your loan term. You can settle your loan at any time without incurring additional charges. You don’t have to make monthly repayments either; you may pay back your loan in full once you have sold your property within your loan period. Typically, if you downsize, your property sale will be enough to pay back your loan, and we will release the security over your properties. If you upsized and you still have an outstanding balance after your property sale, you may have it refinanced by another lender who can offer a longer term for you.

Need help with buying your new home? Our talented and service-minded Aussie team can help you with that. You may schedule a call or submit your application through our online platform. We will also advise you on the most sustainable and affordable bridge loan option that we have available for you. You can trust that we will always have your best interest in mind.

Now that you know the difference between interim finance and bridge financing, apply for a bridge home loan at Bridgit today, and secure the funding you need in as little as a few days!