FAQs about Bridging Loans

We work with a range of partners including Brokers, Real Estate Agents, Solicitors, and Accountants. View our partners page to get accredited and help your clients buy their next dream home.

What is the repayment process?

The repayment process with Bridgit is simple. Your client has up to 12 month to sell their existing property and repay the loan with Bridgit, there are no monthly repayments required. The set-up fee is automatically deducted from the total loan proceeds meaning no additional payments will be required in this time (no out of pocket expenses). After your clients’ have sold their existing property, complete our discharge form found in your broker portal. Any unused interest will be recalculated and the repayment amount reduced to reflect the actual term.

If your client is downsizing (there is no debt remaining after the sale of their property), Bridgit will immediately release security over all properties.

If your client is upsizing, we will partially discharge the Bridgit loan. This means we release security of one property and your client will refinance the other with an alternate lender who can provide a longer-term mortgage.

What are the key benefits for my client?

At Bridgit we provide the fastest and simplest bridging loan option for your client, we are the bridging experts. This will help your client:

1. Secure their dream property when they find it, without having to sell first
2. Removing the time constraints of lining up exact settlement dates (and potentially losing a deposit)
3. Save on costs of temporary living situations (renting, storage, multiple moves).
4. No repayments until maturity and no double mortgages

What is the purpose of bridging loan?

The purpose of a bridging loan is to allow homeowners to buy a new home before they have sold their existing one. It is a critical financial solution that has helped many Australians buy their dream home, without the hassle of selling first. We are a specialist bridging loan lender that provides a quick and easy solution for what used to be a complex process.

To find out more about the Bridgit bridging loan, check out the Bridgit Loan page.

Common Questions

What is my Bridgit loan set up fee?

Unlike other lenders, we do not charge monthly fees, annual fees, or bill extra for paying off your loan early. Instead, we charge a set-up fee. The set-up fee covers the cost of providing you with credit assistance and the loan. It is a one-time, non-refundable fee that is added to the loan balance and on settlement, it is automatically deducted from your total loan proceeds. In simpler terms, the amount of money you receive is the total loan amount minus the setup fee, meaning you don’t have to worry about paying anything until the end of your loan term once you have sold your property.

What determines my interest rate?

Unlike traditional banks, Bridgit adjusts pricing and loan size for risk. Borrowers will receive better rates for low LVR’s, high quality assets and strong credit history.

What approvals do Bridgit offer?

At Bridgit we offer a conditional approval offer when you have a contract of sale or you have found a property you plan to go to Auction for. The conditional approval offer is valid for 30 days, you accept this offer by paying your loan deposit. Once accepted you then move into the next stage to receive an unconditional approval.

Unconditional approval is sent once we have completed the final assessments of your loan documents, you are then provided a Bridgit loan offer.

If you don’t have a property in mind you can schedule a call with one of our Bridging Specialists who will tell you a little more about Bridgit and what your next steps may be.

What does LVR mean?

Loan to Value Ratio (LVR) is the amount of money you are borrowing from a lender, shown as a percentage of the value of the property you are borrowing against.

Are there postcode restrictions?

Because we're still new, we can't lend in some areas outside the major population areas of Australia. Enquire by emailing us at hello@bridgit.com.au and we'll quickly let you know if your postcode meets our lending criteria.

How fast will I get the funds?

After you apply, we review your application for assessment and start working towards your approval right away. The process moves quickly here and if you're available to respond to our lending specialists right away, you can reach settlement within a few days.

Is my information secure?

Yes! We ensure your information is secure by using bank level security and encryption across our digital platform. This means you get all the online benefits without jeopardising your trust in us.

Do you hold a credit license?

Yes! We hold an Australian Credit Licensee (ACL) 532542, which means we are fully authorised to engage in credit activities.

How much can I borrow with a Bridgit loan?

The amount you can borrow varies according to property type. We offer loans from $300,000 – $8,000,000 with an LVR (Loan to Value Ratio):
- 80% for Residential Properties
- 50% for Vacant Land

Note: We can go above or below these loan amounts if the exception is approved.

Confused about which loan is right for you? Email us at hello@bridgit.com.au to speak with one of our loan specialists.
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What is the interest rate for bridging loans?

The interest rate for a bridging loan is generally a variable interest rate. The interest rate varies by different lenders. At Bridgit, our bridging loan is structured differently, providing an introductory rate for the first 6 months on the loan term.

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