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When settlements don't go to plan: Bridgit's solution for a growing family
Did you know that according to PEXA data, only 85% of settlements proceed as planned, leaving the remaining 14% delayed? It's a statistic that can have real consequences, as one recent Bridgit customer discovered firsthand.
Imagine the stress of trying to align the sale of your current home with the purchase of a new one for your growing family, only to have the sale fall through at the last minute. That's exactly what happened to a recent Bridgit customer. Facing the prospect of losing their deposit and potentially their dream home, they needed a solution—and fast.
Thankfully, our team was there to provide the support they needed. With Bridgit, the customer was able to unlock their property equity, allowing them to finalise the purchase of their new home without delay. This not only saved their deposit but also ensured they didn't miss out on their next step in life.
Here's a quick overview of the loan:
- Loan amount: $2,283,000
- Loan purpose: Buy Now, Sell Later
- LVR: 63.4%
- Location: Winston Hills, NSW
- Loan term: 6 months
- Time to settlement from application: 10 days
At Bridgit, we're committed to supporting our community every step of the way. Schedule a call with our team and find out how we’re helping Aussie homeowners make progress through property.
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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.