Short Term Home Loan Rates

Frequently Asked Questions (FAQ)

What factors influence short-term home loan rates?

Economic indicators and market conditions like inflation and economic growth are just a few of the variables that affect short-term home loan rates. Here are some of the factors that are considered:

Property value and condition. The value of the property being used as security for the loan, as well as its condition, can influence the rate. A higher-valued property in good condition might secure more favourable short term mortgage rates.

Borrower’s credit history. A strong credit history can positively impact the interest rate, as it indicates a lower risk to the lender.

Market conditions. Economic factors and housing market trends can affect short term home loan rates. They may fluctuate based on overall market conditions.

Borrower’s financial situation. This includes income, employment status, and overall financial stability. Lenders like Bridgit assess these factors to determine the borrower’s ability to repay the loan.

Type of loan product. At Bridgit, we offer no monthly repayments on our bridging loans. However, take note that different loan products from different short term private lenders may have different rates.

Fees and charges. While not directly affecting the interest rate, associated fees (like setup fees) can impact the overall cost of the short term property loan.

What should I be mindful of when choosing a short-term home loan lender?

Here are the other factors to be mindful of when choosing a short term mortgage lender:

Interest rates and fees. Understand the interest rates and any additional fees (like setup fees) associated with the loan.

Loan terms. Look at the duration of the loan and what happens when it ends. Bridgit, for example, offers loans for up to 12 months. Ensure the term aligns with your ability to repay, especially if you plan to sell your existing property to pay off the loan.

Repayment flexibility.,/b> Check if there are any early exit fees or penalties for short term lending early repayment. Bridgit does not charge early exit fees, which can be a significant advantage when considering short term home loan rates.

Approval process. Consider how quick and straightforward the application and approval process is. Bridgit offers a twenty-four-hour approval process and a simple online application for quick home loans, which can be crucial if you need funds quickly.

Customer support. Good customer service can be invaluable, especially in complex transactions like short term property funding. Look for lenders who offer excellent customer support, which is among the strengths of Bridgit. We don’t only provide adjustable home loan rates; our service is customer-centric, so you won’t hesitate to raise your concerns and queries.

Lender’s reputation. Research the lender’s reputation in the market. We at Bridgit pride ourselves as a progressive lender using technology to streamline the lending process for short term loans, ultimately helping homeowners buy their dream home before they sell.

Additional benefits. Some lenders offer extra benefits, like Bridgit covering existing mortgages, which means you don’t have to worry about managing two mortgages simultaneously.

Bridgit: empowering homeowners to buy their dream homes

Since its establishment in 2021, Bridgit has helped many Aussies acquire their dream homes without the immediate need to sell their existing properties, a groundbreaking approach in the property finance sector.

At the heart of Bridgit’s philosophy is the commitment to utilising cutting-edge technology for today’s market needs. Recognising the lag in the industry, particularly regarding bridging loans, Bridgit is a solution that ensures that customers no longer pay the price for outdated practices.

Bridgit’s innovative approach is not just about speed. The technology is designed to simplify processes, thereby making property financing more accessible and less burdensome for homeowners. If you are ready to feel empowered and get to the next step of acquiring your dream home, call us and let’s see how we can be of service to you.