Buy your next property on your terms

24 hour bridging loan approval

Apply nowSchedule a call
Trustpilot

Best Lending Innovation

Winner, Finder Innovation Awards

How Long Can You Have A Bridging Loan For

When applying for a bridge loan, a common question is ‘how long can you have a bridging loan for?’ A short-term bridging loan lets you borrow against your existing property equity so you can fund a new house even before your property has sold. If you’re wondering where to get bridge finance from in Australia, Bridgit is an excellent option to consider.

How long can you have a bridging loan for, at Bridgit, you ask? Up to 12 months! Borrow from $300,000 up to $4,000,000 to cover the cost of your dream home and worry about selling your old property later. Sometimes, the loan amount can be raised or lowered if an exception is granted. Whether you want to move into a smaller, more manageable home or upsize into a bigger space to accommodate your changing needs, we can give you a loan that fits your situation best.

Need answers to questions like ‘how much does a bridging loan cost’ and ‘how does bridging finance work’? Our answers below might be helpful.
Downsizing
Upsizing

Residential Bridging Loan

Buy now, sell later

No monthly repayments
Set-up fee from 0.79%
Min $300K, max $8M

Variable Bridge Rate

We offer an introductory rate for the introductory period of the loan term which includes a 1% discount.
We offer an introductory rate for the introductory period of the loan term which includes a 1% discount.
i

8.24

%
p.a.
Comparison rate^

8.33

%
p.a.

Bridge Rate from

7.99

%
p.a.
All rates are variable.
We offer an introductory rate for the introductory period of the loan term which includes a 1% discount.
i
Comparison Rate^ from
All rates are variable

8.08

%
p.a.
Apply now
Up to 12 month loan term
Up to 80% LVR
Owner-occupied, investment

Residential Bridging Loan

Buy now, sell later

No monthly repayments
Set-up fee from 0.79%
Min $300K, max $8M

Variable Bridge Rate

We offer an introductory rate for the introductory period of the loan term which includes a 1% discount.
We offer an introductory rate for the introductory period of the loan term which includes a 1% discount.
i

8.74

%
p.a.
Comparison rate^

8.84

%
p.a.

Bridge Rate from

7.99

%
p.a.
The Bridge rate applies at the start of the loan term. All rates are variable.
We offer an introductory rate for the introductory period of the loan term which includes a 1% discount.
i

Stay Rate1 from

7.04

%
p.a.
After the existing properties are sold and there is the residual loan balance remaining, the Stay Rate1 is applied.
All rates are variable.
We offer an introductory rate for the introductory period of the loan term which includes a 1% discount.
i
Comparison Rate^ from
All rates are variable

7.19

%
p.a.
Apply now
Up to 12 month loan term
Up to 80% LVR
Owner-occupied, investment

Get 24 hour approval

Apply nowSchedule a call

Why buy before you sell with Bridgit?

No income verification

We assess loans based on property equity and asset position.

No monthly repayments

No monthly repayments or fees for the duration of the loan term

No double mortages

We’ll pay your existing mortgage, so you don’t have to worry about two mortgages at once.

Save on temporary living

Move into your home sooner and avoid short-term rental, storage and moving costs.

No missed opportunities

Don’t miss out because of slow processes, unlock your property equity in 24 hours.

Apply nowSchedule a call

Trusted by customers
who Bridgit

Customer Service at its best.

Everyone I dealt with at Bridgit was helpful and responsive. Candice (BDM) checked in with me regularly to make sure everything was going smoothly and Andrew kept me in the loop. I recommend Bridgit highly.
- Sue Farnham

Going above and beyond for results

The priority that was placed on this file and constant updates was truly appreciated. Thank you for using common sense and finding a solution for our client’s needs on an oddly zoned security.
- Nicole Fox

Great Team

During the stressful times of obtaining Finance, the BRIDGIT Team came to thefore. We are most grateful for their advice and support.
- MTW

The team at Bridgit were remarkably talented

The team at Bridgit were remarkably talented and understands the pressing issues the situation demands. I cannot thank them enough for stepping up to a life saving situation for customers.
- Jehan Fernando

We are so happy we chose Bridgit

We are so happy we chose Bridgit over a bank. Tom, George and Ken assisted us all the way. They explained everything and made the process easy and stress free. We cannot recommend Bridgit highly enough.
- Felicity F

Definitely worth a try

If you're thinking about getting a bridging loan I'd recommend giving Bridgit a try. I found Bridgit to be way more efficient than the big banks. The communication was great too.
- Michael
Trustpilot

Get 24 hour approval with Bridgit

01

Submit application

Apply online and receive 24 hour approval. Tell us some details about yourself and see how much you can borrow.

02

Accept the offer

Accept your loan offer by making a small upfront deposit and progress your application to the next stage.

03

Purchase your property

Once we’ve valued the property and completed final verifications, sign the documents and you are on your way to settlement in as little as 48hrs*.

*Subject to the loan scenario and outgoing lender processes onrefinance (if applicable).

04

Sell

Sell your existing property and pay down your Bridgit loan. No rush, you have up to 12 months.

Apply NowSchedule a call
How much does a bridging loan cost?
Aside from asking ‘how long can you have a bridging loan for?’ home seekers are also curious about the bridging loan interest rate and other loan fees they might incur. Many factors come into the equation when it comes to the cost of bridging property finance – interest fees, loan amount, deposit fees, monthly repayments, set-up fees, and settlement fees are some of them. You may use a bridging loan calculator or request a quote from your lender to get a realistic estimate of how much you’ll have to pay.

Bridgit welcomes you to apply for a free, no-obligation conditional approval to get an outline of rates and fees tailored to your specific loan situation. We adjust our pricing based on risk, which means we can give you a better offer the stronger your credit profile and the higher the quality of your asset is.

Bridgit doesn’t charge monthly repayments and early exit fees either. You can pay back your loan in full by the end of your term or any time you’re ready without paying early repayment charges.

How long does a bridging loan take?
How long a bridging home loan process takes is another common question people ask next to ‘how long can you have a bridging loan for’. How fast and easy your loan application will depend significantly on the process of your lender. Traditional lenders, for example, use manual processes that are slow and prone to errors, so it might take you anywhere from a week to a few months to get a loan from them.

On the other hand, online lenders like Bridgit can process applications much faster and enable you to apply from anywhere. Bridgit uses its own state-of-the-art technology that makes it possible for us to approve loan applications within the 24 hours from when they are sent. Thanks to our streamlined loan application process, settlement is possible in as little as a few days.

Complete your application for gap financing at Bridgit in a few minutes. Our team will reach out to ask you a few questions and let you know the amount you can borrow. You will have to make a small deposit from $900 to proceed with the next steps of the process and sign the documents electronically. Once everything is good, the funds will be released into your bank account, so you can make a downpayment for your dream house at once.

What are the requirements to get a bridging loan?
Now that you have an answer to your ‘how long can you have a bridging loan for?’ question, you must be wondering about the bridging loan requirements and criteria. To qualify for a bridging loan in Australia:

    • You should have a strong credit history
    • You must be an Australian citizen or permanent resident of Australia
    • You should be 18 years old and above
    • You should take out a loan against property in Australia
    • You should be able to supply a government ID, such as a passport or driver's licence

Your lender may ask you to supply income statements, property documents, and personal identification documents as supporting documents for your loan application, so be ready to comply.

If you plan to get a home bridging loan from Bridgit, these are the documents you’ll need:

For PAYG income earners:

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

For the self-employed:

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

For retirees with no income

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

For retirees earning income:

    • Documents showing pension and super income (if upsizing)

Please note that this is not the complete list of requirements; you may view the full list when your application has been approved or when you receive a loan offer from the Bridgit team.

You may have more questions than merely ‘how long can you have a bridging loan for?’ Schedule a call with our team, and we’ll be more than happy to assist you with your loan application.

Bridging essentials

What is the longest term for a bridging loan?
How long can you take out a bridging loan?
What is the interest rate on a bridging loan in Australia?
Can you extend bridging finance?
A woman wearing headphones and a black shirt.

Aussie based crew

We’re here to help, if you have any questions get in touch.

Weekdays 9am – 5:30pm

1300 141 161
Apply nowSchedule a call

Disclaimer
‍
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.

1 The 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 0.79% and government charges apply.