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Short Term Property Loans In Melbourne

An Expert Guide To Short Term Property Loans In Melbourne

Short term property loans in Melbourne are a practical option for homeowners. At Bridgit, we understand the practical questions and concerns that often come up when it comes to property financing.

Potential borrowers are looking for straightforward information, from how to apply to the details of interest rates and repayment terms. In this practical guide, we’ll help you understand the ins and outs of bridging loans and how you can use them to your advantage.

Getting started with short term property loans in Melbourne
What are short term property loans?

A short term property loan can offer swift and adaptable funding for property purchases. Serving a diverse spectrum of needs, from property purchases to renovations, these loans typically extend from six months to a year.

The cornerstone of short term lending is immediacy, which is why short term property loans present an expedient and flexible solution that could be useful for time-sensitive situations. These short term loans are typically secured against an existing property, providing a greater degree of security and assurance for the lender.

What are the key features of Bridgit’s bridging loans?

Bridgit’s bridging loans are designed to make property transitions smooth and hassle-free. Perfect for homeowners who need quick property funds to buy a new home before selling their current one, these bridge loans allow you to access the value of your current home and leverage it for the new purchase. After selling the current property, the money is used to pay off the bridging loan.

In cases where there is still a balance remaining after the sale, you can refinance these short term home loans and transition to a standard mortgage with a different lender.

How does repayment for bridging loans work?

With your financial situation in mind, Bridgit’s bridging loans offer repayment flexibility. We offer a flexible loan structure with up to 12 month loan term, giving you breathing space to focus on settling into your new home and selling your current one.

Unlike other options for short term property loans in Melbourne, our approach does not involve any monthly repayments or hidden exit fees. Instead, a straightforward setup fee is incorporated into your loan total. This cost structure also covers your previous mortgage, so you don’t have to worry about juggling multiple payments every month.
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 (FAQ)

What are the criteria for short term property loans in Melbourne?

As your dependable partner in property financing, Bridgit has set clear criteria for eligibility for our bridge financing options.

Firstly, a good credit history is key to establishing your financial responsibility. Australian citizenship or permanent residency is a must, as is being the legal age of at least eighteen years old with a valid government ID, such as a passport or driver’s licence for identification. Finally, you must be the owner of the Australian property that the loan will be secured against.

Other requirements for our short term property loans in Melbourne may vary based on your situation. For PAYG earners, six months of continuous employment and two months’ pay proof are required. Retirees with income need to show pension and superannuation income if they are looking to upsize.

Self-employed applicants must provide two years of tax returns (for full documentation) or an accountant’s declaration (for alternative documentation). For a comprehensive list of documentation, our friendly customer service team is ready to assist.

Can I use a short term property loan for renovations?

Some short term property loans in Melbourne could be used to finance renovation projects and property upgrades. However, this varies from lender to lender. Reach out to your preferred lender about their specific policies to learn more.

How quickly can I expect to receive approval for a short term property loan?

At Bridgit, we understand the value of fast property financing in real estate dealings. Our streamlined online application for short term property loans in Melbourne can be completed in five to ten minutes, swiftly informing you of your borrowing eligibility.

In as little as twenty-four hours, you could be notified of your application’s approval status. Once you’re content with the loan terms, a simple initial deposit seals the agreement; this deposit will be taken off the total loan amount when you settle. After the appraisal and verifications, you could finalise the settlement in as little as a few days.

We recognise the frustrations of slow bank approvals and missed opportunities when it comes to bridging loans. Bridgit leverages technology to expedite decision-making for a straightforward approval process, ensuring you no longer have to forfeit opportunities due to sluggish red tape.

Bridgit: the future of property financing in Australia

Bridgit was born out of a vision to transform the landscape of bridging loans, recognising the industry’s need for progression. Our mission is clear: to provide Australians with financing options that not only meet their immediate needs but also propel them forward in their property journey.

There’s no need to look up terms like ‘short term mortgages’, ‘short term home equity loan’, and ‘home loan short term’ with Bridgit by your side. As specialists in the market, we offer unique bridging loan options that give homeowners the freedom to purchase their next perfect property, aligning perfectly with their terms and timelines.

Our Australian-based team is dedicated to being there for our customers. Available weekdays from 9 a.m. to 5 p.m., we are committed to helping you navigate the complexities of property financing with ease and confidence.

Unlock your home’s equity today with Bridgit!

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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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.