FAQs

We know bridging can be a little complicated and might be new for you, so we have a list of frequently asked questions and answers below:

I’ve completed my online application, what’s next?

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Sit tight! Our technology works around the clock to ensure a fast turnaround, meaning you could be approved for a Bridgit loan in just 24hrs.

After submitting your application, you will also gain access to our customer portal, where you can see live updates and check the status of your loan application at any time.

I have sold my home, how do I repay my loan?

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Repaying your loan with Bridgit is simple. After you have sold your existing property, please complete our discharge form which can be found here. To complete the process, you may need to share some documents to support the sale of your home. It’s important not to leave completing this form to the last minute as we may need up to 5 business days to process the discharge request.  

If you downsized (there won’t be a loan balance remaining after the sale of your property), Bridgit will immediately release security over all properties.  

If you upsized (there may still be a remaining loan balance after the sale of your property), we will partially discharge your Bridgit Loan. This means we release security of the property you have sold, and you will need to refinance the outstanding balance with an alternate lender who can provide you with a longer term mortgage.

Does Bridgit offer second mortgages?

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No. Bridgit loans can only be used for first mortgages. If you have an existing mortgage, this just means your Bridgit Loan will need to cover your existing mortgage so we can refinance it.

Do I need to sell my house to get a Bridgit loan?

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A Bridgit Loan lets you buy a new property before selling your existing, creating a ‘bridge’ between financial situations and giving you plenty of time to find your next dream home without rushing the process. To pay back or ‘settle’ your Bridgit Loan, you will need sell your existing property within the 6 months loan period.  In certain cases, if you have additional funds to pay off the loan, you can still qualify for a loan.  

What are the income requirements for a Bridgit loan?

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Whether you are self-employed, retired, or a standard income earner, as an inclusive lender, we lend to everyone.  The requirements will look different depending on your unique loan scenario:  

PAYG income:
- 6 months continuous employment
- Evidence of 2 months’ pay
 
Retiree with income:
- Pension and super income may be reviewed if upsizing  

Retiree with no income (downsizing only):
- No income verification required
- Pension and super income may be reviewed  

Self employed:
Full doc -Tax returns for 2 years
Alt doc - Accountant declaration  

Note: Income is only assessed and verified for end debt loans.  

Get accredited today to view our full list of supporting documents.

I have received conditional approval. Under what circumstances could my loan no longer qualify for unconditional approval?

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We always do our best to help and support you throughout the application process and are extremely thorough with loan assessments at the early stages to ensure this does not happen. However, in the rare circumstance that your loan may no longer qualify for unconditional approval, this can be due to the following circumstances:

- The supporting documents supplied do not support the information you have provided in the application.  
- The valuation completed on your existing property is not acceptable for lending purposes (property noted as poor condition/damage to the property etc), or the value noted to the valuation does not meet the estimate you have provided.

What happens if I sell my property before the 6 month life of the loan?

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The first 3 months of your Bridgit Loan is entirely interest free! Meaning, after the set-up fee is deducted from the total loan amount, no interest needs to be paid during this time.  If it takes longer than 3 months to sell your existing property, interest will be charged daily for whatever period your loan exceeds 3 months. For example, if your loan term was 3 months and 4 days, interest would be payable for 4 days.  The interest rate applicable is from 5.99% p.a (6.16% p.a comparison rate^).  There are no exit fees applicable for ending your bridging loan prior to the end of the 6-month term.

How do I sign the documents?

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Your documents will be sent to you via email and will need to be signed electronically. In some cases, you will need to sign by ink depending on what state your property is located. We make sure to be clear if there's a particular document that requires a handwritten signature.

What determines my valuation fee?

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Your valuation fee can be determined by a number of things including:
- Size of the property
- Location
- Number and types of rooms
- Fixtures and fittings
- Building structure and condition
- Ease of access, such as easy vehicle access and a garage
- Local council zoning
- Recent sales in the area and market conditions

What documentation do my clients need?

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After confirming conditional approval offer, clients or brokers provide supporting documents to Bridgit to verify the client’s identity and any information provided in the initial application. Supporting documents may vary depending on the scenario but in general we require:
- Income and expense statements
- Assets and liabilities documents
- Incoming and outgoing property details 

Note: We use Illion for electronic bank statements to verify income and expenses. If your client has no end debt, they may still need to complete this step for Bridgit to verify loan repayment history on the outgoing property.

Get accredited today to view our full list of supporting documents.

What does the application process look like?

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Our application process is fast, simple, and completely digital. We start with your client’s eligibility, asking a few questions about the property they are selling, the property they are buying, assess their financial position, and digitally verify their identity. You can log into our broker portal at any time to check on the status of the loan.  Our process moves pretty quick so if you and your client are available to move quickly with us, we can have their approval ready in as fast as 24hrs.  

How long does it take for my client to receive funds?

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Funding can be available in as soon as 48hrs of executing all loan and mortgage documents.

How am I paid?

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Your fee will be paid immediately on loan settlement and paid into your nominated account.  We pride ourselves on fair lending and therefore all loan scenarios have no clawbacks.  

How do I become a Bridgit partner?

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We work with a range of partners including Brokers, Real Estate Agents, Solicitors, and Accountants. Get accredited today and help your clients buy their next dream home.

What are the costs and fees?

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There are costs and fees associated with any property loan, these vary depending on your unique loan scenario. For example, we charge:

1.65-2.75% set up fee: This is calculated as a percentage of the total loan amount and taken off from the final loan offer. Meaning after you have sold your existing property, you won’t have to worry about additional fees.

5.99%p.a. interest rate, 6.61% comparison rate^: This is charged daily after the initial 3-month interest free period. You will only have to pay the interest for the number of days you go over, for example, if you sell your property after 3 months and 3 days, you will only be charged for 3 days interest.

$900 upfront deposit: The upfront deposit is paid to accept our conditional approval offer. This kickstarts the application process and is credited towards the total loan amount, meaning you get it back after the sale of your property.

Valuation fees: We complete a valuation of the properties so we can confirm the final loan amount. We charge from $250 per valuation.

Government & settlement fees: Government and settlement fees can vary state by state but generally include valuation fees, title registration fees, discharge fees, and legal fees.

Complete our simple online application today to find out what fees may apply to your unique scenario (don’t worry it doesn’t cost anything to apply!). 

What is the repayment process?

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The repayment process with Bridgit is simple. Your client has up to 6 months to sell their existing property and repay the loan with Bridgit, there are no monthly repayments required. The set up fee is automatically deducted from the total loan proceeds meaning no additional payments will be required in this time (no out of pocket expenses). After the first 3-month interest free period, interest is capitalised daily. For example, if they sell their property after 3 months and 4 days, they will be charged 4 days interest. After your clients’ have sold their existing property, complete our discharge form found in your broker portal.  

If your client is downsizing (there is no debt remaining after the sale of their property), Bridgit will immediately release security over all properties.  

If your client is upsizing, we will partially discharge the Bridgit loan. This means we release security of one property and your client will refinance the other with an alternate lender who can provide a longer-term mortgage.

What are the key benefits for my client?

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At Bridgit we provide the fastest and simplest bridging loan option for your client, we are the bridging experts. This will help your client:

1. Secure their dream property when they find it, without having to sell first
2. Removing the time constraints of lining up exact settlement dates (and potentially losing a deposit)
3. Save on costs of temporary living situations (renting, storage, multiple moves).
4. No repayments until maturity and no double mortgages  
5. 3-month interest free period, giving your client plenty of time to sell on their own terms without worrying about interest building up.

What is my Bridgit loan set up fee?

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Unlike other lenders, we do not charge monthly fees, annual fees, bill extra for paying off your loan early or charge interest on the first 3 months of the loan period. Instead, we charge a set-up fee.  The set-up fee covers the cost of providing you with credit assistance and the loan. It is a one-time, non-refundable fee that is added to the loan balance and on settlement, it is automatically deducted from your total loan proceeds. In simpler terms, the amount of money you receive is the total loan amount minus the setup fee, meaning you don’t have to worry about paying anything until the end of your loan term once you have sold your property. Our set up fee is from 1.65%.

What determines my interest rate?

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Unlike traditional banks, Bridgit adjusts pricing and loan size for risk. Borrowers will receive better rates for low LVR’s, high quality assets and strong credit history. Our Residential Bridging Loan product features an interest free period for the first 3 months. Apply today to receive a free and no obligation pre-approval which will outline your rates and fees tailored to your unique situation.

What is the difference between pre-approval, conditional approval, and unconditional approval?

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Pre-approval is offered if you do not have a contract for sale. In other words, if you are still looking for a property and are unsure if you want to go ahead with a purchase or have not paid the deposit. Pre-approval is valid for 30 days.

Conditional approval is offered if you have an existing contract for sale and have paid the deposit and required valuation fees. In other words, if you are ready to buy a new property, have or are about to make an offer, or need immediate finance. You have 14 days to pay the required deposit fee and from this date, Conditional approval is valid for 30 days.

Unconditional approval is given once we have completed the final assessments of your loan documents, you are then provided a Bridgit loan offer that is not subject to any conditions. This is our final loan offer, and you have 60 days to settle on your new home.

What does LVR mean?

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Loan to Value Ratio (LVR) is the amount of money you are borrowing from a lender, shown as a percentage of the value of the property you are borrowing against.

Are there postcode restrictions?

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Because we're still new, we can't lend in some areas outside the major population areas of Australia. Enquire by emailing us at hello@bridgit.com.au and we'll quickly let you know if your postcode meets our lending criteria.

How fast will I get the funds?

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After you apply, we review your application for assessment and start working towards your approval right away. The process moves quickly here and if you're available to respond to our lending specialists right away, you can reach settlement within 48hrs.

Is my information secure?

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Yes! We ensure your information is secure by using bank level security and encryption across our digital platform. This means you get all the online benefits without jeopardising your trust in us.

Do you hold a credit license?

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Yes! We are an authorised credit representative (ACR) 533749 of an Australian Credit Licensee (ACL) 459305

How much can I borrow with a Bridgit loan?

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The amount you can borrow varies according to property type. We offer loans from $250,000 – $4,000,000 with an LVR (Loan to Value Ratio):  
- 75% for Residential Properties  
- 60% for Commercial Properties  
- 50% for Vacant Land  

Confused about which loan is right for you? Email us at hello@bridgit.com.au to speak with one of our loan specialists.