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Short Term Lending

Bridgit’s Guide: The Types of Short Term Lending Schemes

In Australia, short term lending dons many hats. It’s sometimes used for big, one-time purchases. Other times, it’s used to cover surprise expenses. In cases where a person is looking for a loan for a short term rental property, they can use the loan to buy a new home while in the process of selling their old house, so they don’t have to wait to settle.

This is what Bridgit is here for. We offer bridging loans for property owners who want to upsize or downsize their homes. Let’s go over our services and provide insights about short term lending in general in the article below.

All about Bridgit’s bridging loan

Bridgit specifically offers short term property loans. These loans are helpful to people who have sold their homes, will buy or have already bought a new one, and are in need of quick loans to finance their purchase.

With us, applying for this short term lending plan is done online. It’s straightforward; you only need to complete an application form, which can take from five to ten minutes. With the advanced technology we use for our site and the expertise of our team, we could provide a bridging loan approval in twenty-four hours.

Under our bridging loan, you will have 12 months to sell your old home and repay your loan. We will not ask for a monthly instalment repayment.

Instead, the set-up fee will be deducted automatically from the total loan proceeds. This means that you don’t need to worry about payment expenses during this period, and you don’t need to look for other short term lending options.

Disclaimer: Unless otherwise specified, the opinions expressed in this article are strictly for general informational purposes only and should not be taken as financial advice or recommendations. Any views are subject to change without notice at any time.
Owner-occupied
Investment

Residential Bridging Loan

Buy now, sell later

No monthly repayments
Set-up fee from 0.79%
Min $300K, max $8M

8.24

%
p.a.

Variable rate

We offer an introductory rate for the introductory period of the loan term which includes a 1% discount.
We offer an introductory rate for the introductory period of the loan term which includes a 1% discount.
i

8.33

%
p.a.
Comparison rate
Apply now
Up to 12 month loan term
Up to 80% LVR
Downsizers, upsizers, retirees

Residential Bridging Loan

Buy now, sell later

No monthly repayments
Set-up fee from 0.79%
Min $300K, max $8M

8.74

%
p.a.

Variable rate

We offer an introductory rate for the introductory period of the loan term which includes a 1% discount.
We offer an introductory rate for the introductory period of the loan term which includes a 1% discount.
i

8.84

%
p.a.
Comparison rate
Apply now
Up to 12 month loan term
Up to 80% LVR
Downsizers, upsizers, retirees
The Bridgit Loan Calculator

Buy now, sell later

$
$
$
$
Buy new property
(less contribution)
$800,000
Existing
mortgage
$500,000
Sell existing
property
$2,000,000
Your estimated loan calculation
Estimated principal amount
$1,300,000
Your cash after sale
$700,000
Estimated principal amount
$1,300,000
(LVR 43%)
Based on the information provided your Loan to Value Ratio (LVR) may be too high. To help you we require some additional information; feel free to get a quote or schedule a call with our team.
Get a quote

Please submit an application or quote to receive a detailed breakdown of your loan amount.

Get 24 hour approval

Apply nowSchedule a call

Why buy before you sell with Bridgit?

No income verification

We assess loans based on property equity and asset position.

No monthly repayments

No monthly repayments or fees for the duration of the loan term

No double mortages

We’ll pay your existing mortgage, so you don’t have to worry about two mortgages at once.

Save on temporary living

Move into your home sooner and avoid short-term rental, storage and moving costs.

No missed opportunities

Don’t miss out because of slow processes, unlock your property equity in 24 hours.

Apply nowSchedule a call

Trusted by customers
who Bridgit

Customer Service at its best.

Everyone I dealt with at Bridgit was helpful and responsive. Candice (BDM) checked in with me regularly to make sure everything was going smoothly and Andrew kept me in the loop. I recommend Bridgit highly.
- Sue Farnham
Trustpilot

Get 24 hour approval with Bridgit

01

Submit application

Apply online and receive 24 hour approval. Tell us some details about yourself and see how much you can borrow.

02

Accept the offer

Accept your loan offer by making a small upfront deposit and progress your application to the next stage.

03

Purchase your property

Apply online and receive 24 hour approval. Tell us some details about yourself and see how much you can borrow.

*Subject to the loan scenario and outgoing lender processes onrefinance (if applicable).

04

Sell

Sell your existing property and pay down your Bridgit loan. No rush, you have up to 12 months.

Apply NowSchedule a call
Frequently Asked Questions

How does a short-term loan work?

A short-term loan is a financial solution intended to help you when you need small cash loans fast but with a typical repayment scheme of a year or less. It’s usually used by those who need to bridge cash flow gaps.

The purposes of fast personal loans online can vary, from paying off big purchases to covering expenses when moving from one house to another. If you’re part of the latter, you may be looking for an alternative to reverse mortgage, like the loans you can get from Bridgit.

Are there different types of short-term loans?

Aside from short term home loans, different lenders offer various kinds of short-term loans, which include the following:

Payday loans. These are payday advances that are easy to qualify for, and borrowers can get them from many lenders, including short term private lenders and high-street lenders. However, aside from the high interest rates, borrowers need to pay the full loan amount plus interest in a lump sum on their next payday.

Personal loans. Personal loans are financial solutions that can be used to consolidate debt, cover unexpected expenses, and more. The downside is that, like payday loans, a lot of personal loans on the market also tend to have high interest rates on top of monthly fees and early repayment costs.

Bridging loans. These help homeowners buy a new home before selling their existing one. Once they have sold their existing property, the proceeds from the sale are used to pay off the bridging loan. If you take out a bridging loan from Bridgit, you’ll get to enjoy no monthly repayments.

What are the advantages of short-term lending?

Short term lending comes with a host of benefits. Whether you’re in search of ‘short term home loans Australia’ or short term instalment loans, you can enjoy the following benefits:

    • Short interest period. You don’t pay interest for a long time since the loan is typically paid off within a year. In the case of Bridgit’s short term lending offer, you will have 12 months to pay off the loan, which is enough time to sell your old property.
    • Fast processing times. Looking for 24-hour loans or same day loans? The good news is that for short term loans, lenders like Bridgit can provide approvals quickly, in as little as twenty-four hours.
    • Faster access to funds. Since the processing of the loan is quicker than with traditional loans, you can get your funds more quickly.

Bridgit: a new way to finance homeownership

At Bridgit, our mission revolves around helping Australian homeowners progress in life. We recognised a gap in the market – a lack of specialists in bridging loans or short term lending for financing properties – and we filled it with expertise and cutting-edge technology.

Bridgit isn’t just about offering loans; it’s about providing a pathway for homeowners to purchase on their terms. Our approach is ‘tech first’, ensuring a fast and efficient lending process.

For those exploring alternative home loan lenders or reverse mortgage options, Bridgit presents a compelling choice. Our dedicated team, customer-centric approach, and innovative solutions pave the way for a smoother, more accessible path to property ownership. Get in touch with us now to find out more.

Bridging essentials

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Aussie based crew

We’re here to help, if you have any questions get in touch.

Weekdays 9am – 5:30pm

1300 141 161
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Find your BDM here

Disclaimer
‍
Eligibility and approval is subject to standard credit assessment and not all amounts, term lengths or rates will be available to all applicants. Fees, terms and conditions apply.
‍
^Comparison rate is calculated on a $150,000 secured loan over a 25-year term. WARNING: Comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in different comparison rates. Comparison rates for interest only loans will not reduce your loan balance. This may mean you pay more interest over the life of the loan. Bridging Loan set up fee is from 0.79% and government charges apply.