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Bridgit Blueprint: How Bridgit helps retirees Buy Now, Sell Later
Welcome to the Bridgit Blueprint, your monthly dose of practical tools to help you tap into the power of bridging finance as a broker.
This month, we’re exploring a lesser-known use case for bridging finance: helping retirees without a regular source of income to seize the best opportunities and secure the perfect retirement home with Bridgit.
Downsizing to the perfect retirement home with bridging finance
For empty nesters, a large family home with a big backyard can be more hassle than it's worth.
When the time comes to downsize, having the flexibility to jump on the best opportunities makes all the difference. But, timing the sale of one property with the purchase of a tightly-held retirement or land lease home can be difficult.
That’s where Bridgit’s single-security bridging loan comes in.
With Bridgit, clients can avoid being out of the market while waiting for their dream retirement home or land lease home.
Here’s how our single security solution works for a retiree:
- No income verification means loans are assessed based on property equity and asset position.
- No monthly repayments means retirees only need to repay the loan once their existing property has sold.
- Ability to unlock property equity quickly means no missed opportunities, no double mortgages or high temporary living costs.
How bridging helps retirees progress in life
Bring your clients on the journey by explaining how bridging finance can benefit them:
- Move on your terms: Never be out of the property market waiting for the perfect retirement home, and avoid getting stuck in limbo or without a place to live.
- Make progress without a source of income: By securing the loan against your existing property, you can secure the finance you need to downsize - even without a current source of income.
- Avoid the hassle of multiple moves: Move straight in and get settled into your retirement home sooner, all while avoiding the costs and headaches of short-term rentals.
Read more about the alternative use cases of bridging finance here.
Apply online in minutes and secure approval in 24 hours to get your clients moving sooner.
Want to learn more?
Schedule a call with our team to learn more about Bridging finance today.
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Bridging a Multi-Generational Upsize
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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.
1The Stay Rate will only apply if a repayment is made from the sale of Outgoing Properties (or another repayment method approved by us, at our discretion) and the repayment reduces the Amount You Owe to an amount that is equal to or less than your Residual Loan Balance.
^Comparison rate is calculated on a $150,000 secured loan over a 25-year term. For Upsizer loans, a Bridge Rate applies for the first 12 months, followed by a Stay Rate thereafter. For Downsizer loans, only the Bridge Rate applies. WARNING: This comparison rate is true only for the example provided and may not include all fees and charges. Different loan amounts, terms, or fee structures will result in different comparison rates. For interest-only periods, your loan balance does not reduce, meaning you may pay more interest over the life of the loan. Set-up fee from 0.60% and government charges apply.