The brand new bridging mortgage product gives an answer to a novel want of debtors in search of a brand new house.
Non-bank Bridgit launched a brand new mortgage product that enables next-time consumers safe a property first earlier than promoting their present one.
Bridgit designed the Single Safety Bridging Mortgage to offer debtors with the flexibleness as they buy their subsequent property.
How Single Safety Bridging Mortgage works
Single Safety Bridging Mortgage permits debtors to buy alternate properties earlier than promoting the prevailing property, corresponding to retirement houses, group houses, or vacant land.
In a nutshell, debtors can take pleasure in the advantages of shopping for now and promoting later whereas solely securing the mortgage in opposition to the fairness within the single property being offered.
The mortgage additionally helps with a contribution in the direction of the property buy within the type of a deposit.
Options of the Single Safety Bridging Mortgage
The Single Safety Bridging Mortgage boasts related options as these with Bridgit’s customary bridging mortgage. These options embrace:
- Approval in 24 hours
- No month-to-month repayments
- Three months interest-free
- Mortgage quantities starting from $300K to $4M.
It is very important take observe that present mortgages are refinanced into the Bridgit mortgage, avoiding the necessity for double mortgages.
Advantages of getting the Single Safety Bridging Mortgage
Bridgit CEO Aaron Bassin stated the Single Safety Bridging Mortgage’s foremost promoting level is the flexibleness and alternatives it might give to potential next-time purchasers.
“Our purpose at Bridgit is to offer extra Australians with the choice to purchase earlier than they promote, and we perceive that conventional bridging loans will not be appropriate for all debtors, that is why we have designed this mortgage to fulfill the distinctive wants of our buyer base,” he stated.
A earlier research by Bridgit confirmed that greater than half of owners who had offered their present property needed to spend considerably on momentary residing earlier than with the ability to transfer into their new house. Mr Bassin stated the brand new providing will help resolve this downside.
Bridgit head of distribution Stephen Doyle stated the lender is offering workshopping calls with their companions to assist them get a greater understanding of how the Single Safety Bridging Mortgage will help handle particular wants of their purchasers.
“Our workshopping calls are a novel alternative for our companions to get a greater understanding of how our Bridging Mortgage can work for his or her purchasers rapidly — Our purpose is to make the mortgage course of easy and stress-free for our companions and prospects, our workshopping calls is a brand new means we are able to do this,” he stated.
Associated Article: What’s a Bridging Mortgage and How Does It Work?
Shopping for a house or seeking to refinance? The desk under options house loans with among the lowest rates of interest available on the market for proprietor occupiers.
- Rapid cashback upon settlement
- $2000 for loans as much as $700,000
- $4000 for loans over $700,000
Vital Data and Comparability Price Warning
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