Our team of bridging specialists are here to help
Securing a tightly held land lease home with our single-security solution
Managing two property transactions can be overwhelming and expensive.
But exiting the property market, spending on temporary accommodation, or dipping into super or investment portfolios isn’t the only way forward.
We helped a client secure a land lease retirement home, without needing to sell their current property first or liquidate millions in super and investments.
With our single security bridging loan, they were able to unlock their home equity and buy first - with no income verification, no monthly repayments, security on their existing property only, and approvals in hours.
Let’s take a closer look at their single security bridging loan:
- Loan amount: $634,400
- Market value of outgoing property: $2,250,000
- LVR: 28.23%
- Loan term: 12 months
- Exit strategy: Sell existing home rather than liquidate investments
The bridging process was smooth and efficient:
- Conditional approval within hours of application
- Settlement within four weeks, meeting their timeframe comfortably.
- Completed the sale of their home and discharged the loan within one month
- No remaining loan balance, meaning they were mortgage free in their new property.
With our team of experts providing guidance and quick timelines, the clients successfully secured their dream retirement home and enjoyed a smooth, stress-free transition.
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Do you have a client looking to secure a tightly-held retirement home? Discover how a Bridgit bridging loan could help. 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.