Things you should know about bridging loan

Bridging Loan

A bridging loan is a loan type wherein a special short-term loan is rendered for covering the price of the second property bought by a customer. It can be taken as an additional loan on the existing home loan. Bridging loans are considered to be more expensive due to the presence of additional risk, which also makes the interest rates higher. As the name suggests, the bridging loan helps in creating a bridging gap and gives time to the buyer for selling the existing property while purchasing a second property. During this time, the home buyer is charged the interest amount on both the properties.

Why should you Choose a Bridging Loan

Bridging loans provide you with the control of when the property can be purchased. With the help of this loan type, you can acquire the property even in the lack of adequate cash. This loan type also enables you to get funds even before selling your property. Since selling an existing property can take up to several months, the bridging loan can help you in obtaining funds prior to selling the property.

Things to Remember

Although the bridging loan enables the buyer with financial stability before selling the existing property, the following aspects must be kept in mind:

  • Since the interest rates are quite high, the loan time and amount must be carefully analysed.
  • The risk is also higher as bridging loans are given on the basis of anticipating the future inflow of cash.
  • The existing property must sell at the price anticipated, which can otherwise force you to include a slashed price to compensate for the rising rate of interest for the bridging loan.
  • The buyer must be in the business for a long time with adequate experience in the field.

Why is it a smart choice to contact our mortgage brokers

Your expert guide in home buying journey

It is not an easy task to buy your first home. In fact it sure is one of the biggest financial decisions one makes in a lifetime. There is too much to know as it will be a completely new learning curve and no doubt there will be a lot of anxiety.

Therefore it definitely helps to have someone by your side throughout the home buying journey, making sure you understand the process every step of the way.

More options for all client profiles

Type of employment can have a bearing on what loan option and which bank will be best suited for you. We get cases for a lot of self employed clients who say that it has been difficult for them to get the desired loan. Our brokers specialise in loan applications for all types of employment. Whether you are self employed or on a casual or part time employment or having irregular incomes, our brokers have in-depth knowledge of the bank policies and can suggest a loan solution as per your unique situation.

Access to a wide range of loan products

Our brokers work for your benefit. They are not working for a particular bank, or vendor or any real estate agent. They have just your best interest in mind and therefore can compare a wide range of loan products.

Personalised attention

With Nfinity Financials you will get a personalised attention to your requirements, which you may not find with big corporate style financial institutions or banks. Our clients are our first priority.

Our Client Testimonials

See what our customers have to say about Nfinity Financials products, people and services.

He has Kept it Short and Simple
“For us, it was a new experience in buying a new property in Australia, and while in this journey, he kept it simple to make us more comfortable and crystal clear in what we are doing. His staff members were very helpful…”

Esai Venthan Adidravid
Submitted on 21 Nov 2020

“An absolute Star! Parag is a thorough professional with excellent knowledge of the property market, the various loan options available and excellently managed to deliver a product within our budget…”

Preeti Choudhary
Submitted on Aug 2020

Helped us for Getting our Home Loan Settled
“I would say he is the best in the industry for homeloan process. He has all relevant knowledge about banks and their product offerings and will suggest the best which suits you. He got a best deal for me…”

Arihant Jain and Prathima Jain
Submitted on 29 Jul 2020

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