Bridgit announced as a finalist in Finder Innovation Awards 2023

November 15, 2023

Bridgit has been named a finalist in the Best Lending Innovation category of the Finder Innovation Awards 2023 – the same category it won last year.

 

The Finder Innovation Awards have been running for 8 years now and recognise excellence and creativity in a range of industries.

 

While Australians already have a choice of options in the property lending space, Bridgit has set itself apart by focusing on bridging loans.

Bridging loans serve a very specific need for people managing the tricky act of selling their home and buying a new one.

Sometimes it's impossible to time settlement dates perfectly, and a buyer/seller finds themselves with a gap between the sale of their former home and the new purchase. Bridging loans let buyers cover the shortfall so they can fund the purchase of the new home while waiting for funds from the sale of their old home. 

These loans are often viewed by homeowners as more complicated or expensive than other options.

 

Bridgit’s Single Security Bridging Loan is unique because it doesn’t require income verification.

 

Instead, the loans are assessed based on the person’s property equity and asset position. Security for the bridging loan is also taken from the outgoing property.

 

Borrowers can also unlock their property’s equity within 24 hours, which means they can act fast when searching for their next home.

Another key feature that sets Bridgit apart from most lenders is that there are no ongoing monthly or annual account fees. Instead, there is a one-time 0.99% fee that’s added to the balance of the loan on settlement. 

The interest rate is also based on the level of risk for each loan, with Bridgit considering factors including the loan to value ratio (LVR), high-quality assets and good credit history.

 

These features are suited to a very specific segment of homeowners and property investors already on the market. 

They can also be more important considerations for the growing number of Australians nearing or at retirement age.

 

Data from the Australian government’s Institute of Health and Welfare (AIHW) shows the number of Australians receiving the Aged Pension increased by 6% between 2014 and 2022. And the Australian Bureau of Statistics has reported that the pension was the main source of income for retirees.

 

But it can be more difficult for retirees to get loans and other forms of credit due to lower income that’s not from employment.

Bridgit gives homeowners an alternative to traditional lenders with its targeted, technology-driven approach. 

Its products, including the Single Security Bridging Loan, also have the potential to make bridging loans more accessible and easier for people to understand so that they can make informed decisions on the right type of loan for any stage of life.

Written by Amy Bradney-George: Personal finance expert at Finder

Amy Bradney-George has been writing about personal finance for more than 14 years – including over 7 years as the senior writer for credit cards at Finder. She is also the editorial lead for Finder Green, covering sustainability across different industries.

Her work has appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy also has a Bachelor of Arts in Journalism and Drama from Griffith University.

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