Buy your next home before you have sold.

A bridging loan, like any other type of finance, incurs interest. At Bridgit, we do things differently by offering a one month interest-free period, so you don’t constantly have interest building up. Plus, we don’t charge monthly repayments, so you can just pay back your loan at one-time after selling your current property.

Bridgit adjusts your bridging finance rates and loan size according to your unique loan factors, such as your loan-to-value ratio (LVR), credit profile, and collateral. For example, a lower LVR and higher credit score can mean a better interest rate for your bridge loan. Apply for Bridgit bridging finance to receive an outline of rates and fees that are customised to your specific loan situation.

When choosing among bridging loan providers, consider the following factors to improve your chances of making the best decision:

Loan amount

How much you can borrow is a major consideration when applying for bridging property finance. You should be able to borrow enough money to purchase your new home and cover any immediate property expenses that you might need to pay. Bridgit can lend you up to $3,000,000 (we can go higher than this amount, but we’ll need to assess your case first). Simply submit your loan application, and our team will get in touch to let you know how much you can borrow from us.

Loan term

When it comes to gap financing, you should also consider how much time you have to pay back your loan. Bridge loans are a type of short-term finance, which means they typically last less than a year. Get a bridge loan that offers you enough time to sell your property so you can pay back your loan successfully. Bridgit can give you up to six months to settle your loan. You don’t have to deal with monthly repayments too; you can simply pay back the loan in full after selling your property.

Bridging loan interest rate

When considering how much a bridging loan costs, the interest is, of course, an important factor. Go for a lender who will give you a fair rate and help you understand how they came up with that rate. Bridgit has an Aussie-based crew who will gladly explain your bridging loan interest rate calculations, so you don’t have to use a random bridging loan calculator anymore.

Bridgit also doesn’t charge interest fees within the first month of your loan term. If you can pay back your loan within the first month, you only need to pay the loan amount and set-up fees. We don’t charge early exit fees, so you may do so whenever you’re ready to settle your loan.

Like any type of debt or loan, commercial and residential bridge loans affect your credit score. After taking out a bridge loan, your credit score will initially dip since your total debt has increased. Your credit score will improve in no time, though, as long as you are consistent with your repayments. Since a bridge loan is a short-term loan, you can just settle it quickly to get your credit score back up again.

Bridgit is always upfront with the valuation fees, deposit fees, and other fees you incur in your loan so that you always know how much to pay, thus decreasing the chances that you’ll miss a payment. We also use our own technology to streamline the loan process and enable 24-hour approval so you can make decisions faster and better. To ensure the security of your information, we also use bank-level encryption on our digital platform.

Our lines are open if you have any questions about your bridging loan interest rate or need assistance with buying your new home. Feel free to schedule a call with us at any time.

You’re one bridge loan away from your dream home – apply at Bridgit now!