Short Term Property Loans in Australia

A Handy Guide to Short Term Property Loans in Australia

Looking for short term property loans in Australia? Before making a big commitment to any kind of quick property financing, it’s important to understand the pros and cons so you can make an informed decision.

This guide to short term property funding will give you an overview of short term loans involving property. For those who are looking to fund their next dream home but are struggling to transition from their current one, our bridging loans here could be a potential option.

Discovering short term property loans

What short term property loans are

Short term property loans in Australia are created to meet temporary or immediate financing needs. Compared to traditional home loans, which can last up to thirty years, the typical period of short-term real estate loans is around six months to twenty-four months.

Such short term home loans can also have various purposes, like facilitating quick transactions, particularly if a property is in high demand and a buyer wants to secure their investment. There are various types of loans for Australian properties available, depending on the lender.

Why you may need a short term property loan

There are various reasons you may be assessing your options for short term property loans in Australia. It’s possible that a property has been in your family for many years now, and you’re ready to consider a short term mortgage in order to downsize. If you live by yourself or are a recent empty-nester, you may find yourself in this situation.

However, you may not have the liquidity required to purchase a new home as you’re still looking for a buyer for your current home, leading you to search for fast property funding or fast bridging loans.

Perhaps you’re in another scenario, in which your family is growing bigger and you are considering a larger property. You may be searching for short term property loans in Australia with flexible terms so you can upsize and give your family more room, or perhaps you want to avoid having to sell first and find temporary living for your family.

Usually, individuals try to sell their existing property to secure funds for their next home. However, timelines don’t always line up – it may take too long for your property to be taken off the market, and in the meantime, your dream home may be snapped up by another buyer.

This is where we at Bridgit may be able to help.

Bridging the gap with Bridgit

Making your dream home your next home

Our goal at Bridgit is to give people the opportunity to own their next home on their terms via bridging financing Australia-wide. A bridging loan is one example of short term property loans in Australia that allows homeowners to secure their next property even before their existing home has sold.

Homeowners can tap into their property’s existing equity value as a potential way to fund their next home. Bridgit lets you focus on finding the perfect home first.

How it works

Looking to apply for short term property loans in Australia? Should your Bridgit application be approved, we’ll provide the funds to buy your desired property. In addition, we would pay off your existing mortgage, so you don’t have to worry about managing two mortgages and repayments.

This could be an alternative to reverse mortgage, as you can pay off your bridging loan with us once you have sold your existing home.

For those who are downsizing, you won’t be left with a balance after the sale of your home, so we can release security for all your properties immediately. If you’re upsizing, there could be a remaining balance on the loan after the sale – individuals can then refinance this amount over to a traditional lender.

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.