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The brand new bridging mortgage product supplies an answer to a novel want of debtors on the lookout for a brand new dwelling.
Non-bank Bridgit launched a brand new mortgage product that permits next-time consumers safe a property first earlier than promoting their present one.
Bridgit designed the Single Safety Bridging Mortgage to supply 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 properties, neighborhood properties, or vacant land.
In a nutshell, debtors can get pleasure from 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 direction of the property buy within the type of a deposit.
Options of the Single Safety Bridging Mortgage
The Single Safety Bridging Mortgage boasts comparable options as these with Bridgit’s normal bridging mortgage. These options embody:
- Approval in 24 hours
- No month-to-month repayments
- Three months interest-free
- Mortgage quantities starting from $300Ok to $4M.
It is very important take word 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 predominant promoting level is the flexibleness and alternatives it may give to potential next-time purchasers.
“Our aim at Bridgit is to supply extra Australians with the choice to purchase earlier than they promote, and we perceive that conventional bridging loans might not be appropriate for all debtors, that is why we have designed this mortgage to satisfy the distinctive wants of our buyer base,” he stated.
A earlier examine by Bridgit confirmed that greater than half of owners who had offered their present property needed to spend considerably on non permanent dwelling earlier than having the ability to transfer into their new dwelling. Mr Bassin stated the brand new providing can assist 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 can assist tackle particular wants of their shoppers.
“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 shoppers rapidly — Our aim 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 will do this,” he stated.
Associated Article: What’s a Bridging Mortgage and How Does It Work?
Shopping for a house or trying to refinance? The desk beneath options dwelling loans with a number of the lowest rates of interest in the marketplace for proprietor occupiers.
- Quick cashback upon settlement
- $2000 for loans as much as $700,000
- $4000 for loans over $700,000
Essential Data and Comparability Price Warning
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Picture by vadimguzhva on Canva.
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