Lender spotlight: Bridgit co-founder Aaron Bassin on tech's disruption of the loan market

This article was written by The Australian Broker. Read the full story here

Technology's impact on the Australian loan market continues to play out in the new year. Among the many advances, lenders are increasingly boasting about faster and faster approval times. Busy Aussies, including brokers and borrowers, might stand to benefit.

"Our fastest approval last year was just in two minutes," Aaron Bassin, co-founder and chief executive officer of non-bank lender Bridgit, told Australian Broker. "So pretty quick relative to what the banking industry is currently experiencing with two to three weeks waiting for them to pick up and process applications. 

That just shows you how the use of technology can accelerate the experience of the customer, and also build a scalable and successful business."

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Sydney-based Bridgit was founded in 2021 by Bassin, who has a background in corporate finance, and Nick Jacobs, a mortgage broker. The fintech non-bank lender exclusively offers bridge lending. 

"There are other bridging finance providers in Australia," Bassin said. "But we have a 100% focus on bridge lending to our customers through a technology focus." 

And speed is important for a firm – and the loan industry at large – that is growing so rapidly Down Under. 

In the case of Bridgit, the firm helped finance more than $1.5 billion mortgages throughout 2024, with a 300% increase in applications, compared with 2023. Also in 2024, the firm's accredited broker network grew by 145%, year-over-year. 

"And we're still growing," Bassin said.  

On Wednesday, the firm revealed that it was expanding its state-based distribution team.

The five new business development managers – one in Western Australia, one in Queensland, one in Victoria and two in South Australia – highlight the firm's growth, as well as increasing market demand for bridge lending nationwide, Bridgit said in a statement.  

"The broker channel is a key driver for us," Bassin said. "We've doubled the size of our national sales team to support the broker strategy. We've got more Bridgit employees out there servicing our broker network. But we're also signing up more brokers every day. We're spending in terms of awareness, education, training and marketing, just to help ensure that brokers understand that this is a product that's available. And that they know how to use it. 

Now brokers feel more confident in selling bridge loans, or providing it as an option to their customers. But also, they are now aware that we exist, because we're here supporting them."

Bridgit's new arrivals include Perth-based Jayne Eastick, Western Australia business development manager; Brisbane-based Jack Smallwood, Queensland business development manager; Melbourne-based William Mulvey, Victoria business development manager; Adelaide-based Scott Byrt, South Australia business development manager; and Adelaide-based Isabella Despot, South Australia business development manager. 

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Technology's impact on the market

Bridgit's lightning growth is a sign not only of the increasing need for bridging solutions, Bassin said, but also the Australia's loan market's evolution. 

"Speed is really important when it comes to the demand and the use case for our customers and our brokers," he said. "Our product is very simple; it's all online. And loan approval times are getting shorter and shorter."

Bassin explained that borrowers are typically categorized either as "upsizers" or "downsizers."  

"Downsizers are those who will be left with no residual debt after their bridge; upsizers will have residual debt after the fact," he said. "With downsizers, our typical approval time is about 20 minutes. But the quickest was two minutes. Upsizers, the typical approval time will be about 45 minutes."

But Bassin said this is just the beginning, as more and more Australians adopt the use of AI. 

"Artificial intelligence is taking over every industry globally," he said. "And lending is a huge opportunity for artificial intelligence to go into, to augment the user experience, to provide a lot more efficiency and scale, risk measures, when it comes to financial services and lending. So we're starting to adopt artificial intelligence in our business." 

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Where brokers fit in

Bassin said brokers can benefit from both Bridgit's rapid growth and the growth of increased technology use across the wider loan industry in Australia. 

"It's an opportunity to diversify and expand brokers' tools and revenues and opportunities, by just being aware of people's options," he said. "So brokers are not always being forced into one direction when they're looking to achieve a certain outcome. There are options, like bridging, that are available. 

"Over the last 10 years, because banks have pulled away, the awareness of bridging has started to diminish, because the banks weren't investing in those products. They were making it difficult for brokers to use it," Bassin said. "Therefore, [some] brokers were not comfortable in offering bridge lending as a viable solution to their customers. Now, with companies like Bridgit. We do provide the training, the education and the investment into understanding how the product works."

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Ready to Make Your Next Move?

If you’re looking to buy a new property before selling your current one, Bridgit’s bridging loans offer the speed, convenience, and flexibility to help you take that next step confidently. 

Apply today and move forward with peace of mind.