Are you on the brink of a new property adventure but caught in the web of property transitions? Don’t let your dreams wait any longer! Bridging loans in Australia are your bridge to property success. Discover how.
What are bridging loans Australia?
Bridging loans in Australia are short-term loans designed to help individuals and property buyers manage the transition between selling an existing property and purchasing a new one. These loans provide temporary financial support to bridge the gap between the sale of one property and the acquisition of another.
Bridging loans are intended for short-term use, typically with terms ranging from a few months to a year. They help you secure your new property while awaiting the sale of your existing one.
Bridging loans Australia are especially useful when the settlement of your new property occurs before the sale of your old property. This prevents the need to make simultaneous payments on two mortgages.
In addition, this type of loan enables borrowers to maintain the value of their old property during the transition. This means you can avoid the need to sell at a lower price due to time constraints. With bridging loans Australia, you can also accelerate your property goals with confidence, knowing that you have the financial support you need to make it happen.
Reasons to consider bridging loans Australia
Say goodbye to the hassles of juggling between your old and new properties. Our bridging loans Australia pave the way for a smooth transition, ensuring you secure your dream home before saying farewell to the old one.
Quick access to funds
In a competitive property market, time is money. With our bridging loans, you gain swift access to the funds you need to make that winning offer and seize that prime piece of real estate.
Tailored to your needs
Every property journey is unique, and so are your financial circumstances. With bridging loans Australia, you’ll find tailored loan terms that align perfectly with your needs, which makes your property goals a reality.
Bridging loans often offer flexible repayment options, including the choice to pay only the interest during the term of the loan, and then settle the principal when the old property is sold.
Competitive interest rates
Interest rates for bridging loans can vary among lenders and may be influenced by market conditions. Typically, you have the option to choose between variable or fixed rates.
How to apply for bridging loans Australia
Applying for a bridging loans Australia with Mango Mortgages is hassle-free. Begin by reaching out via phone, email or our online form. We’ll promptly send you an initial estimate, detailing interest rates, associated costs, loan structure and required documents. If the proposal suits your needs, we’ll provide a comprehensive offer letter.
Once the proposal is accepted, return the signed offer and necessary documents. We then take care of security documents or property valuation, if needed. When everything is in place, we smoothly transfer the funds to provide you with the support you need quickly. Click here to apply for bridging loans in Australia.
Q: How much can I borrow on a bridging loan?
A: The amount you can borrow on a bridging loan depends on your individual circumstances, the value of your existing property and the property you’re purchasing.
Q: What is the interest rate on a bridging loan in Australia?
A: Interest rates on bridging loans in Australia vary among lenders and may be influenced by market conditions. Your individual financial circumstances could also play a role in determining the interest rate you are offered. It’s important to carefully consider the terms and conditions provided by your chosen lender to make an informed decision.
Q: Am I eligible for bridging finance?
A: Eligibility for bridging finance depends on factors, such as your creditworthiness, income, existing property equity and the lender’s criteria. Consult with us to assess your eligibility.
Q: Do you still need a deposit with a bridging loan?
A: Yes, you typically need a deposit when securing a bridging loan. The size of the deposit may vary depending on the lender and the loan-to-value ratio.
Q: How long does it take to get bridging finance approved?
A: The approval timeline for bridging finance varies by lender and your specific situation. It can take a few weeks or more, so plan accordingly. At Mango Mortgages, funding becomes available typically within 3 – 5 days from application.
Q: Do bridging loans affect credit scores?
A: Applying for a bridging loan may result in a credit enquiry, which can temporarily impact your credit score. However, responsible management of the loan should not negatively affect your credit in the long term.
Q: How is a bridging loan calculated?
A: Bridging loan calculations consider factors like the value of your existing property, the property you’re buying and the duration of the loan. Lenders typically use these factors to determine the loan amount and interest rate.
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