Compared to other kinds of loans, bridging property finance is more complex, so it’s not surprising that traditional lenders take longer to process applications for bridge finance. Getting short-term property funding can be difficult if you choose to work with a lender that doesn’t have a streamlined or digital lending process yet.

With Bridgit, you can enjoy a hassle-free experience from when you apply for a bridge loan, to releasing the equity, to getting the funds released, to settling your loan. Our application process is completely digital, so we can move quickly and approve your application within 24 hours. We simply assess your eligibility for the loan by asking a few questions about the property you are selling and the property you are buying as well as your financial position. We then digitally verify your identity. You can receive the funds in as little as a few days after processing your loan and mortgage documents.

When it comes to making deposits for bridge finance, some lenders require a deposit to release your funds, while some don’t. With bridge financing, the lender will provide you with funds depending on the value of your existing property equity, and once the property is sold, the proceeds will be used to pay off your loan. You need to settle the loan within the bridging period that you and the lender have both agreed to.

At Bridgit, you only need to make a deposit from $900 to accept your conditional approval offer, and you can enjoy a loan term of up to 12 months. However, this is taken off your total loan amount when you settle. This means that you just need to sell your existing property and settle your Bridgit loan within 12 months. Our bridge finance option is among the most competitive in Australia as we don’t require any monthly repayments – plus, the first month of your loan period will be entirely interest-free. If you sell your property and settle your loan within one month, only the set-up fee is added to the total loan proceeds.

The amount of money you can borrow from a bridging finance service depends on several factors, such as the value of your property, the loan period, the bridging finance rates, and how much your lender is willing to lend you.

At Bridgit, you can borrow between $300,000 to $4,000,000 depending on the type of property you are buying, the kind of existing property you have, and the LVR or loan to value ratio. We can also go above or below this loan amount if the exception is approved. The LVR at Bridgit is as follows:

• 80% for Residential Properties

• 50% for Vacant Land

What sets us apart is that we adjust our pricing and loan size according to risk.

Bridgit makes applying for bridge financing easier as we leverage advanced technology to streamline our lending processes and deliver the best experience for you. All it takes is five to ten minutes to complete the loan application, and your application can be approved within 24 hours. At Bridgit, our goal is to offer you a bridge finance solution that suits your needs and helps you progress in life.

Apply for bridge finance at Bridgit today! Our friendly loan specialists are ready to assist you if you’re unsure what loan works for you. Email us at hello@bridgit.com.au to speak with our team!