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Bridgit named as 2022’s Most Innovative Lender
Bridgit named as 2022’s Most Innovative Lender
Drum roll please 🥁
Bridgit has won the Finder Award for Best Lending Innovation for 2022! We’re thrilled to be recognised as the Most Innovative Lender for our tech-first lending solution. The Finder Innovation Awards recognise and celebrate the most forward-thinking businesses in Australia, spanning the industries of property to finance to tech and beyond. Being recognised as one of the country’s most innovative businesses is a huge honour, especially considering the calibre of businesses in the running for this award!
We’ve been working so hard to help Australian homeowners buy their next property on their terms, with no double mortgages, no temporary living costs and fast approvals to ensure no missed opportunities. Here's what the Senior Writer at Finder, Rebecca Pike had to say:
By Rebecca Pike, senior writer at Finder
Hoping to solve a problem it saw for Australian homeowners, Bridgit came up with a tech-first lending solution which has now been recognised at Finder’s 2022 Innovation Awards.
The lender has taken home the award for Most Innovative Lender for its online bridging loan.
Bridgit recognised that there was a huge gap in the market to help homebuyers who were missing out on buying properties because they had to wait for their current homes to sell. While other banks and lenders had pulled back from the bridging loan space, Bridgit saw opportunity.
Its bridging loans allow borrowers to use the equity from their existing home to buy their next home – no double mortgages, no temporary living costs and no missed opportunities.
With its technology and automated processes, Bridgit was able to offer a solution that traditional banks could not. Instead of manual assessments, its innovative credit and risk modelling and in-built algorithms means it can offer 24-hour approval.
Bridgit built its own CRM and customer portal, as well as an online application which can be completed in 5 minutes: meaning a smooth experience for customers.
As a result the business has grown with 200% application growth quarter-on-quarter and built a team from 1 person to a team of more than 25.
Finder home loans editor Richard Whitten praised the innovative lender:
“Bridging loans are a neglected segment of the Australian credit landscape and Bridgit has created a new product and platform that serves user needs while adding elements of tech-driven convenience that feel genuinely new for this industry.”
Congratulations to Bridgit for this incredible achievement!
Author bio: Rebecca Pike is Finder's senior writer for money. She joined Finder after almost 4 years writing for business publications in the mortgage and finance industry, including 3 years as editor of Mortgage Professional Australia. Rebecca started her journalism career writing for local newspapers in the UK and has a master’s degree in multimedia journalism from the University of Kent.
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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.