A bridging mortgage loan is a type of short-term financing that helps bridge the gap between the sale of your current property and the purchase of a new one. This type of loan is typically used when you want to buy a new property but haven't yet sold your existing one, or when you want to buy a property that requires renovation before securing long-term financing. The loan is usually secured against the equity in your existing property and can be arranged quickly, allowing you to proceed with your new purchase. Once you sell your existing property, you can use the proceeds to pay off the bridging loan.
Which Lenders do Bridging?
Not all lenders offer Bridging Finance, There are lenders which offer it but don’t specifically cater for it in the AOL/LoanApp forms.
Some products under those lenders may not be available for use with Bridging Finance.
Bank of Melbourne, Bank SA, St George Bank
Summary Tab
Loan Details Tab
Security Tab
Needs at least two Securities loaded. One being sold as per Summary tab entry, one being purchased.
Bankwest
Summary Tab
Security Tab
Needs at least two Securities loaded. One being sold as per Summary tab entry, one being purchased.
Connective Select by Bendigo & Adelaide Bank
Summary Tab
Security Tab
This Security information is then added automatically into the Summary tab
Heritage Bank
Loan Details Tab
P & N Bank
Loan Details Tab
0.5 years is the mandatory loan term and also must be Interest Only.
Westpac
Loan Details Tab
Repayment Type must be Interest in Advance or Interest Only.
The following lenders do not have Bridging Loan selections in Apply Online. You will need to liaise with the lender.
AMP, ANZ, Australian Military Bank, Auswide Bank, Bank of Queensland, Blubay Home Loans, Bluestone, CBA, Citibank, Connective Advance by ThinkTank, Connective Essentials by Advantedge, Connective Solutions by Pepper, Firefighters Mutual Bank, Firstmac, Gateway Bank, Health Professionals Bank, Homestart Finance, ING, La Trobe Financial, Macquarie Bank, ME Bank, MyState, NAB, Newcastle Permanent, Pepper Money, Resimac, Suncorp, Teachers Mutual Bank, Unibank, Virgin Money,