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To sell then buy or to buy then sell...that is the question
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This article was written when Bridgit was known as TechLend, we rebranded in early 2022 to Bridgit.
Six years ago, the concept of buy now, pay later revolutionised the way we consume material items. From fashion and sporting goods to homewares and luxury items, you name it, AfterPay probably offers it. But what about the property market? If we can buy first with every other material object, why not the roof we live under?
For many people, the property market has historically been regarded as complex and challenging waters to navigate. In previous times, it was difficult to know when the best time to buy and sell property was, the most common advice being, “sell first and use the profits to buy later”. Whatever the scenario, you were likely to cross paths with an overwhelming mortgage and months in a temporary living situation. However, modern consumers are more aware of their funding options and recognise the value that bridging finance can bring to the table.
This morning, the Sydney Morning Herald released an article to the world, introducing the game-changing concept of interest-free, paperless mortgage financing, allowing you to buy new property before selling your existing one. A revolution introduced by TechLend.
“TechLend uses property data and credit reporting systems through open banking to offer customers same day pre-approval for bridging loans with a set up cost of 1.99 per cent. It lends up to $3 million for six months, with the loans interest free for the first 90 days.” Sydney Morning Herald, p. 25
By tapping into an area of the property market that traditional lenders steer away from, TechLend is disrupting the slow and inflexible lending market to bring Australian’s faster, fairer, and more simple property finance.
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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.