There are many bridge financing companies, but they generally fall under two categories: traditional and online lenders. Traditional lenders, like banks, are often associated with slow manual processes, and their terms can be more rigid and strict as well. Meanwhile, most online lenders are streamlining the application process for short-term bridging loans, allowing for faster loan approvals. You are also more likely to get a personalised loan offer from online or modern gap financing providers.

At Bridgit, we aim to cut through the red tape imposed by traditional lenders by simplifying the bridging loan application process. We pride ourselves on offering 24 hour approval by using technology to speed up the application criteria and process loans quickly, so you get to the next stage of your property journey with little fuss.

Get a free conditional-approval online outlining rates and fees tailored to your unique loan scenario – you’ll be able to see just how competitive our bridging finance rates are. We offer loans of up to $4,000,000 for up to six months, so you have more than enough time to sell your old property and settle into your new home. Plus, you don’t have to deal with monthly repayments; you can settle your loan by the end of your loan term or right after selling your property.

The lender you choose for a short-term bridging loan plays a huge role in your overall bridge financing experience. Consider these factors when selecting your lender to improve your chances of landing a great offer:

Bridging loan interest rate

Interest fees are a primary expense when it comes to a bridging home loan, so comparing interest rates can pinpoint which lender offers the most affordable deal. Aside from the interest rate itself, also consider how soon you need to pay the interest fees. At Bridgit, we offer an initial interest free period. If you repay your loan early, your interest will be recalculated and your repayment amount reduced to reflect your actual term.

Extra fees and charges

Some lenders may lure you in with low-interest rates, but you may pay more with hidden fees. Ask your lender what fees they charge, such as deposit fees, set-up fees, and early repayment fees. Transparency in pricing is an indication of a trustworthy lender. Here at Bridgit, there’s no need to worry about early exit fees and hidden charges. We are always upfront about pricing, and you can pay back your loan when you’re ready without incurring additional costs.

Loan application process

Taking a short-term bridging loan can be stressful if your lender has a long and tedious application process. Before sending your loan application, learn the bridging loan requirements of your lender and how you can comply with them. At Bridgit, you don’t even need to leave home just to apply for a bridge loan. You can complete the application in under ten minutes and possibly get approval within 24 hours. You may submit the requirements online and affix your signatures electronically as well.

At Bridgit, we do bridging loan interest rates a little differently; we offer an initial interest free period with no monthly repayments until you have sold your property and discharge your loan.

Moreover, Bridgit adjusts pricing and loan size according to risk, so you are sure to get a fair deal here. If you have a low loan-to-value ratio (LVR), a strong credit profile, and high-quality assets as collateral, there is a greater chance for us to offer you a good bridging loan interest rate.

Bridgit also takes pride in our Australian-based crew, who can assist you with anything you need our help with. From understanding Bridgit loans better to getting help buying a new home, you can rely on our team. You can schedule a call with the Bridgit team at any time on our platform.

Look no further than Bridgit for your short-term bridging loan needs! Send your application today, and let us help you make your dream house a reality.