Short Term Property Finance

When their short-term property finance is still pending, some people think the only offer on their table is to ‘take it or leave it’. On the contrary, you can make an offer to the seller even before your loan gets approved so long as you specify that the request is conditional on the finance. It’s up to the seller to decide whether they would accept your offer or not. If the seller agrees, the conditional offer does not legally bind you to the sale until the contracts have been formally exchanged.

You can borrow from $300,000 to $4,000,000 over a loan term of 12 months here at Bridgit, so more houses can fit within your budget. You have more freedom in choosing your new home since you can borrow against your existing property equity to afford your dream home right off the bat. We will also pay your existing mortgage, so you don’t have to worry about double mortgages.

When you get short-term property finance from traditional lenders, such as banks, the process may take anywhere from a few weeks to months because they are typically stuck with a slow, manual system. You may have better luck with online lenders as their processes are usually digitalised, so your application can get approved in as little as a few days.

Bridgit uses custom technology to streamline the loaning process. We can approve loans within 24 hours and complete settlement in as little as a few days. You may submit your application online, which usually takes no more than ten minutes. After applying, you will also gain access to our customer portal for live updates on your loan application status.

We will offer you a personalised bridging loan interest rate according to your property equity, loan amount, credit profile, LVR, and other factors. You will have to make a small deposit from $900 and valuation payments to confirm your acceptance of our offer, and we can get the funds released into your account in no time. You can purchase your new home and move in as soon as possible. There’s no rush on selling your existing property – you have up to 12 months to sell and pay off your bridging loan.

A finance condition protects buyers with pending short-term property finance when negotiating with sellers. It is a legal clause that states your condition to buy a property is still subject to finance. A finance condition is important because it gives you an ‘out’ and protects you from losing your deposit on a property you intend to buy in case there are problems with your financing, like finding out that your monthly repayments or interest rates are too high for you to afford.

With Bridgit home loans, you can focus on finding your dream home instead of worrying about excessive monthly repayments, interest rates, early exit fees, and hidden charges. We will not charge monthly repayments for your bridging loan term, so you don’t have to pay monthly fees or early exit fees - no matter when you settle your loan within the term.

There’s no need to pay for monthly repayments with Bridgit’s short-term property finance as well. You can pay for the entire loan balance when you finally sell your property. If there’s no more remaining balance after you make a property sale, we will release the security over your properties. If your property sale is insufficient to pay back your loan, you may refinance it with another lender who can give you a longer loan term, and we will partially lift the security over your property.

Apply for short-term property finance at Bridgit today, and take a step closer to your dream home!