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Quick settlement for Noosa downsizer after her auction win
Auction Win to Unconditional Approval in Just 7 Days
After successfully bidding on her perfect property at auction, a client of Shaun Jones from Mason Finance Group found herself in a tricky situation.
Here’s how our BDM, Jolene Farrow, helped Shaun Jones, Senior Mortgage Broker at Mason Finance Group secure a loan for his client, a downsizer looking for a quick settlement when a traditional lender let her down after her auction win.
The Scenario
Shaun's downsizer client successfully bid on her perfect property at auction but despite receiving conditional approval from a traditional lender, she was then declined for formal approval, leaving her facing a 30-day settlement without a home loan.
At that point, Shaun’s client hadn’t even started the sale process for her current property, meaning the equity was still tied up in her existing home.
Let’s take a closer look at the loan:
The Solution
Bridgit helped the customer secure conditional bridging finance approval in 24 hours, complete valuations and provide formal approval in seven days. She met her 30-day settlement deadline easily and was able to proceed with the purchase of her dream home.
Shaun reflected on his positive experience with Bridgit:
“It was great to be able to provide a quick solution for a client that was stressed and stuck with an unconditional contract - Bridgit enables clients to have re-assurance to be able to move ahead with excellent timeframes.”
Do you have a client who might benefit from Bridgit’s single-security bridging loan?
Schedule a call today and workshop a scenario with one of our specialists.
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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.