As life goes on, our needs and lifestyle are likely to change. Large standalone homes with a big backyard might suit a growing family. But an older retired couple may struggle to maintain a spacious property with too many stairs and keep unused bedrooms clean.
For retirees Mark and Kay, the pair were ready to resize to a smaller property that better suited their changing lifestyle.
With a helping hand from Bridgit, this couple was able to secure the keys to their dream Sydney apartment in a short space of time. Keep reading to learn more about this customer success story and how Bridgit allows Aussie homeowners to purchase their next property on their own terms.
Before we go any further, let’s bring you up to speed with Mark and Kay’s story. The pair are retirees who were ready to downsize and find a property that better matched their needs.
During their property search, they stumbled upon their dream apartment in Sydney and instantly knew, “this is the one.”
In such a hot capital city market, the couple knew they needed to move fast and make an offer quickly to secure the property. But in order to make a confident offer, Mark and Kay needed speedy loan approval to give them peace of mind that they have their finances sorted.
The couple got in touch with Bridgit, completed our online application and received approval within the hour. That allowed them to submit an offer, secure the property and make their dream apartment a reality.
As a homeowner, the most common way to downsize is to sell your existing property first to access the funds you need to buy your next home. However, aligning settlements can be tricky, which can mean you’ll need to fork out for temporary accommodation costs.
We know that downsizing with big banks is slow and difficult and that downsizers without an income, such as retired couples, are unlikely to receive approval. Plus, most banks steer clear of bridging loans as they’d rather focus on promoting their traditional 30-year mortgage products.
For downsizers like Mark and Kay, Bridgit’s bridging loan doesn’t require them to have an income and offers the added benefit of not requiring a mortgage at the end of the bridging period, too.
Speedy approval was one of the biggest draw cards that made Mark and Kay choose to secure a bridging loan with Bridgit.
As Kay shares, “the process was so quick and easy with Bridgit, I managed to sign my declaration between the 10th and 11th hole at my golf course.”
By harnessing tech, we were able to process their loan application quickly and move them through the process as fast as possible. It’s all designed to take the stress out of securing a loan while delivering the best experience possible, backed by our Aussie-based support team.
Unfortunately, big banks and traditional lenders can take weeks if not months to get approval sorted. That’s because they rely on physical paperwork and manual processes that can cause unnecessary delays and too much back-and-forth correspondence.
Plus, traditional banks don’t have a singular focus on a specific product. Instead, they scatter their resources across multiple loan types. At Bridgit, we’re a digital non-bank lender that focuses on one product: bridging loans. It allows us to perfect and master a single product, meaning we’re specialists in what we do.
Tired of printing and scanning documents? Unlike big banks, we have a secure digital signing process that’s built for today.
It’s what allowed Mark and Kay to sign their loan documents on the golf green and make an offer sooner, without needing to deal with physical paperwork. It’s a simple yet powerful way we can take the friction out of the loan application process and help our customers secure the keys to their next home, sooner.
For Mark and Kay, same day approval through a simple online application process gave them the peace of mind to act quickly.
“We were able to make a confidence offer and knew we’d secure our dream property. It just made life a whole lot easier,” tells Kay.
We were able to put the enjoyment back into buying property for this couple, thanks to our paperless process that removed the need for any physical paperwork.
Plus, our three-month interest-free period was a blessing for Mark and Kay who were able to budget for their move upfront and with confidence. There were no hidden fees or sneaky surprises and no repayments until loan maturity, too.
Best of all, the couple was able to move on their own terms and avoid the hefty costs of double mortgages. With Bridgit, we’ll pay your existing mortgages so you can capitalise on the best opportunities and sell when you’re ready.
We’re so thrilled with Mark and Kay’s inspiring customer success story and loved helping these downsizers secure their dream apartment with ease and confidence.
Thinking about downsizing to a property that’s a better fit for you? Find out how Bridgit’s bridging loan can help you buy now and sell later.
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