Bridgit Blueprint: Your top ten questions answered

‍Welcome to the Bridgit Blueprint, your monthly dose of practical tools to help you tap into the power of bridging finance as a broker. 

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This month, Colin Bentley, Head of Lending at Bridgit, tackles ten of the most common questions you’ll likely receive from clients about bridging finance, giving you the answers you need to expand your suite of services with confidence. 

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Question 1. What if I’m looking to downsize but don’t have an income?

No source of income? No worries. If you’re a retiree looking to downsize into a smaller property, we can secure the loan against your existing property’s equity instead. 

That means no income verification is required and you’ll have no mortgage repayments to make on either property. Downsizers often find this approach helpful from a cash flow perspective, giving you breathing room to manage the transition on your own terms. 

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Learn more about how Bridgit’s bridging loans work for downsizers. 

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Question 2. Can I use the equity for anything other than purchasing a house?

Absolutely! Bridging finance offers more flexibility than you might expect. You can use the equity unlocked in your home for a range of purposes—such as funding cosmetic renovations to boost your sale price, easing financial pressures during a marital separation, or consolidating other debts to simplify your finances.

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👋 Brokers: Want to check if bridging might be a solution for your client’s needs?  Schedule a call with your local Bridgit BDM to find out more.

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Question 3. What if I need funds fast? 

We get it: the market moves fast. To help you capitalise on the best opportunities, we offer fast and secure access to bridging finance — you can thank our top-notch bridging experts and market-leading tech for that. 

In practical terms, you can apply online in less than 5 minutes, secure conditional approval within hours and settle in as little as 2 days. 

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Question 4. What if I’m self-employed? 

Not a problem! At Bridgit, we lend to all types of homeowners, and have different requirements in place depending on whether you’re self-employed, retired or a standard PAYG income earner. 

For self-employed applicants, we’ll need your last two tax returns and an Accountant’s Declaration.

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Question 5. What if I’m selling an investment property?

At Bridgit, we offer both owner-occupied and investment bridging loans – noting an exit strategy is required, regardless of what type of loan you secure. 

Check out our current rates and learn more about the Bridgit loan. 

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Question 6. What if my property needs improvements before selling? 

Good news: you can tap into your home’s equity to fund cosmetic improvements and boost the value of your home prior to sale. Keep in mind you can’t use these funds for major or structural renovations. 

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Question 7. What if I have a high loan-to-value ratio (LVR)?

At Bridgit, we offer up to 85% LVR with a range of tiers based on property categories. 

👋 Brokers: Head to your Broker Portal for a detailed breakdown of our rates, fees, and exceptions.  

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Question 8. What happens if my property sells for less than the expected price?

At Bridgit, we understand that the property market can be unpredictable. That's why choosing a lender who takes the time to understand your unique situation is crucial. At Bridgit, we take a careful and comprehensive approach. We assess your full income for end debt scenarios, conduct credit history checks and review the equity position of your current property to ensure that you can comfortably service any remaining debt, even if the sale price is lower than anticipated.

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Plus, we apply shading to property values and use APRA servicing rates for each application. This means we only approve applications where the customer can exit the loan successfully and meet the assessment criteria of a long-term lender

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Question 9. What if I haven’t listed my property for sale yet? 

Not a problem. With Bridgit, there’s no need to have your property listed for sale by the start of your loan term. We offer a 24-month loan term which gives you plenty of time to sell your property in your own time. 

To find out more, visit our product pages. 

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Question 10. What if I sell and am ready to repay the loan after only 2-3 months?

Go for it. We don’t charge early exit fees, giving you the flexibility to repay the loan at your own pace over the 24-month term. On our end, we’ll calculate interest on the term you use the loan for, which is repaid once you sell your property.

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Want to learn more?

Schedule a call with our team to learn more about Bridging finance today.