Short Term Property Loans in Perth

Your Ultimate Guide To Short Term Property Loans In Perth

Looking for short term property loans in Perth? With the many options available, how do you know which one will work best for your needs? More importantly, how do you find a lender that’s reliable and offers solutions tailored to your unique circumstances?

At Bridgit, our mission is to give customers access to loans that actually help them progress in their lives. We’ll answer these questions and more in this article.

What can I use short term property loans in Perth for?

When exploring the potential of short term property loans in Perth, you’ll find a plethora of opportunities. Primarily, real estate loans under short term lending refer to financial solutions for accessing funds against the equity in your home.

How you could use the funds will generally depend on the type of loan.

At Bridgit, we specialise in offering bridging loans. These are a type of short term property loan designed to bridge the financial gap for homeowners. Specifically, terms like ‘bridge financing Perth’ provide a solution when you’re transitioning from selling your current home to purchasing a new one.

Once your current property is sold, the proceeds from the sale are used to repay the bridging loan. This form of short term property funding is especially beneficial for those who have found their dream home but are waiting for their main source of funding — the sale of their existing property.

Bridging loans are helpful when you don’t want to rush into selling your current home under unfavourable conditions. It also helps you avoid double mortgages and save on costly short term living expenses.

Getting a short term property loan

What are the usual eligibility criteria for short term loans in Perth?

Different short term private lenders offering property funding can have their own eligibility criteria. However, generally, lenders may look for a good credit score and a stable source of income when upsizing a property. Additionally, they may consider the value of the property, the amount being borrowed, and the purpose of the loan.

At Bridgit, we focus on making bridge loan eligibility clear and accessible. To qualify for our short term property funding, you will need to go through our credit assessment, but at a basic level, you will need to:

• possess a good credit history;
• be over the age of eighteen;
• be an Australian citizen or permanent resident;
• borrow against a property located in Australia; and
• have a valid government ID, like a passport or driver's licence.

How quickly can I expect to receive funding for a short term property loan?
The timeframe for receiving funding can vary across lenders offering solutions such as a short term mortgage Perth-wide. While online lenders often provide quick approval loans, traditional bank loans may take longer, sometimes stretching over days or weeks.

Because we know prompt financing is crucial for many Australians, at Bridgit, we leverage a technology-first approach to streamline the process. Our simple online bridge loan application can be completed within five to ten minutes. We could provide approval within twenty-four hours, and, what’s more, settlements can happen in just a few days.

Disclaimer: Unless otherwise specified, the opinions expressed in this article are strictly for general informational purposes only and should not be taken as financial advice or recommendations. Any views are subject to change without notice at any time.