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ISCOVER
Colin Bentley, Head of Lending at Bridgit, tackles some of the most common questions you’ll likely receive from clients about bridging finance, giving you the answers you need to expand your suite of services with confidence.
What if I’m looking to downsize but don’t have an income?
No source of income? If you’re a retiree looking to downsize into a smaller property, we can secure the loan against your existing property’s equity instead.
That means no income verification is required and you’ll have no mortgage repayments during the bridging term. Downsizers often find this approach helpful from a cash flow perspective, giving you breathing room to manage the transition to a new property on your own terms.
Learn more about how Bridgit’s bridging loans work for downsizers.
Can I use the equity for anything other than purchasing a house?
Absolutely! Bridging finance offers more flexibility than you might expect. You can use the equity unlocked in your home for a range of purposes—such as funding cosmetic improvements to boost your sale price, easing financial pressures during a marital separation, or consolidating other debts to simplify your finances.
Brokers: Want to check if bridging might be a solution for your client’s needs? Schedule a call with your local Bridgit BDM to find out more.
What if I need funds fast?
We get it, the market moves fast. To help you capitalise on the best opportunities, we offer fast and secure access to bridging finance — you can thank our bridging experts and market-leading tech for that.
In practical terms, you can apply online in less than 5 minutes and secure conditional approval within an hour.
What if I’m self-employed?
Not a problem! At Bridgit, we lend to all types of homeowners, and have different requirements in place depending on whether you’re self-employed, retired or a standard PAYG income earner.
What if I’m selling an investment property?
At Bridgit, we offer both owner-occupied and investment bridging loans – noting an exit strategy is required, regardless of what type of loan you secure.
Check out our current rates and learn more about the Bridgit loan.
What if my property needs improvements before selling?
Good news - you can tap into your home’s equity to fund cosmetic improvements and boost the value of your home prior to sale. Keep in mind you can’t use these funds for major or structural renovations.
What if I have a high loan-to-value ratio (LVR)?
At Bridgit, we offer up to 80% LVR with a range of tiers based on property categories.
What if I haven’t listed my property for sale yet?
Not a problem. With Bridgit, there’s no need to have your property listed for sale by the start of your loan term. We offer a 12 month loan term which gives you plenty of time to sell your property in your own time.
To find out more, visit our product pages.
What if I sell and am ready to repay the loan after only 2-3 months?
Go for it. We don’t charge early exit fees, giving you the flexibility to repay the loan at your own pace over the 12-month term. On our end, we’ll calculate interest on the term you use the loan for, which is repaid once you sell your property.
Want to learn more?
Schedule a call with our team to learn more about Bridging finance today.
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