Short-term property finance, such as a bridging mortgage, are loans that typically have terms of less than a year. Even though it has a short term, some people still want to settle it as early as possible to avoid paying more interest fees in the long run or getting out of debt. You can pay off your bridging home loan if you’ve already sold your property and have the money. Be aware, however, that some lenders charge early exit fees for settling your loan before the end of the term.

At Bridgit, we won’t charge you early exit fees. You can pay back your loan any time you are ready, and all you need to pay is the loan amount and fees on interest, set-up, valuation, and settlement. We don’t charge interest during the first month of a loan, so you can even get more significant savings when you settle your Bridgit loan early.

On our online platform, you may apply for a Bridgit loan and receive an approval offer made to your unique situation. Bridgit adjusts pricing and loan size based on risk so you can get a better deal with lower LVRs, higher-quality assets, and stronger credit scores. We will always offer you a fair bridging mortgage deal.

The requirements needed for gap financing differ from lender to lender, but in general, you need to possess the following to qualify for a bridge loan in Australia:

• You should have a good credit history
• You should be an Australian citizen or are a permanent resident of Australia
• You should be at least 18 years old
• You should be borrowing against property in Australia
• You should have a government ID, such as a passport or driver's licence

Other requirements that lenders typically ask from borrowers are income statements, property documents, and personal identification documents.

Everyone is welcome to apply for Bridgit bridging mortgage whether you are self-employed, retired, or a standard income earner. Here are the income requirements:

For PAYG income earners:

• Evidence of six months of continuous employment
• Proof of two months’ pay

For retirees with income:

• Documents showing pension and super income (if upsizing)

For retirees without income (downsizing only):

• No income verification required
• Pension and super income may be reviewed

For the self-employed:

• Full document on tax returns for two years
• Accountant declaration (alternate document)

Once you've applied, you can view a full list of supporting documents. After selling your existing property, you will also be required to complete the discharge form and supply documents to support the sale of your home.

Lenders have different payment structures for their bridging property finance services; some require monthly repayments, while others require an end-term or lump sum payment. Bridge loans with monthly payments usually break up the total loan amount over your loan term and add the other fees, such as interest, to your monthly payment amount. Ask your lender if you need to make monthly payments if you take a loan from them.

Bridgit requires no monthly repayments; you can settle your loan by the end of your term after selling your property. If you have a remaining loan balance after selling your property – typically when you upsize to a bigger home – we will partially release the security over your properties. You can then refinance the remaining balance with a different lender who can offer you a longer term.

No need to step out of your home to apply for a bridging mortgage at Bridgit. Just send your online application, and our team will contact you to ask you a few questions and provide you with an approval offer in 24 hours. To confirm that you want to proceed with the loan offer, complete the deposit (from $900), and we will proceed with the necessary valuation and verification processes. We will also email the documents to you so you can sign them electronically.

Talk to a Bridgit expert today and learn how to buy a house when you haven't sold yours. Apply for a bridging mortgage and get approved within 24 hours.