Our team of bridging specialists are here to help
We hit $100M in loan applications!
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This article was written when Bridgit was known as TechLend, we rebranded in early 2022 to Bridgit.
Just two months into our journey of becoming Australia's first choice for non-bank lending, we are thrilled to announce we have hit $100M in loan applications from right across the country. Bridgit has experienced unprecedented demand for our same day pre-approved bridging loans, with lockdowns seemingly having no effect on the market as virtual inspections and auctions become widely accepted.
In today's fiercely competitive residential property market, the traditional lending structures have seen long delays in approval times and have left homeowners with increased fears of missed property opportunities. This rise in demand and subsequent backlog of applications for home loans has placed a spotlight on the outdated lending structures currently in place and the fundamental need for market disruption.
Earlier this month, Bridgit was featured in the Australian Broker in an article highlighting the lending markets' desperate need for innovation with surging demand, topped at a record $32 billion in the month of May, a 95% increase over the same time last year. This unmatched demand highlights the motivation behind our exponential growth since launch in July, and the potential future product development.
Enter non-bank lending
As a technology company, Bridgit adopts customised and personal lending solutions to redesign the experience of buying and selling property. Unlike the big banks, we understand that every homeowner has their unique scenario and do not believe in a 'one size fits all approach', which is why our flexible criteria caters to everyone, including anyone who may find it difficult to provide conventional proof of income.
Bridgit's bridging loan products are here to disrupt the existing outdated market by offering homeowners:
- Same day pre-approval and funding within 48hrs
- Interest free bridging loans covering up to 100% purchase price + stamp duty
- Seamless 5-minute online application experience
To apply for a bridging loan today, click here.
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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.