Frequently Asked Questions (FAQ)

Is a bridging loan the same as a mortgage?

For those who are not sure what is bridging loan, they may wonder whether it’s the same as a regular mortgage. Basically, they are two different kinds of credit.

A mortgage is a long-term commitment you make to buy a property. In contrast, a bridging loan is like a helping hand you get for a short time. Think of it as a temporary solution, filling in the gap when you’re buying a new home but haven’t sold your old one yet. 

Are there different types of bridging loans?

Part of knowing what is bridging loan is also knowing the different types available to suit your needs. Some of the common ones include:

• Closed bridging loans: If you have a contract of sale on your existing property and know exactly when you can pay back, this is for you. It has a predetermined end date, often linked to a property sale.
• Open bridging loans: Perfect for those who aren't quite sure about their repayment date. Maybe you're waiting for that property sale to finalise.

Remember, each type offers a unique set of benefits of bridging loans, so be sure to choose one that truly suits your needs. When you choose Bridgit, you can be sure that our bridging loans are flexible enough to fit various loan scenarios.
Do I need good credit to get a bridging loan?

Your credit score does play a role, but it’s not the only thing lenders look at. Since bridging loans are usually tied to the property you’re buying, lenders can sometimes be more flexible.. Good credit, of course, can open doors to better terms and rates. With that, it’s best to maintain a good credit score by making your repayments on time and limiting the loans you take out. 

Get started with Bridgit now 

In an era where traditional lenders are still fumbling with lengthy and outdated processes, Bridgit emerges as a beacon of efficiency and modernity. Say goodbye to the long waiting times and uncertainty; with Bridgit, the future of swift and hassle-free bridge loan applications is right at your fingertips.

In merely a five to ten-minute span, your online application could be all set and ready. No more waiting around endlessly – you can get an approval offer in twenty-four hours if you meet our bridging loan eligibility criteria. And the best part? We make settlement possible in as little as a few days.

Still unsure about the specifics? Or maybe you’ve got a burning question besides ‘What is bridging loan?’ such as ‘What is my bridging loan interest rates?’ or even ‘How to use a bridge loan calculator?’ Don’t hesitate to get in touch with us! Our dedicated customer service team is on standby, eager to guide you. Feel free to reach out to the Bridgit team on weekdays from 9.00 a.m. to 5.30 p.m. 

With Bridgit, the future of the Australia loan landscape is here, and it’s streamlined, efficient, and inclusive. It’s time to make your move and buy on your own terms. So, what are you waiting for? Apply now!