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City escape: Downsizing to a rural dream property with a single security loan
Arthur, a recent Bridgit customer, sought relief from rising interest rates by moving from the Melbourne city to his dream countryside home.
After 25 years in his Melbourne home, Arthur felt the pressure of increasing living costs after consecutive rate rises, compounded by the need to renovate his property.
An ideal property in the country came to market, but his bank of 40 years wouldn’t help him unlock his equity due to serviceability requirements tied to his current employment status, even despite him having a valuable asset which he was in the process of selling.
Arthur turned to Bridgit. Being much more comfortable with mechanics than finance, Bridgit provided Arthur with a single security bridging loan against his Melbourne property, including additional funds for cosmetic improvements. This allowed him to purchase his dream home in the country and make the move.
Here’s a snapshot of the loan:
Loan amount: $542,000
Location: Metro Category 1, Victoria
LVR: 71.10%
Loan Type: Buy now, sell later
Arthur successfully relocated to his rural home, achieving his long-held dream of a treechange, and setting up his next stage.
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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.