Bridging Loans
When Should I Get a Bridging Loan?
Bridging loans can be useful in a variety of different situations. Generally speaking, these loans may be helpful whenever you need immediate cashflow for personal use. You might consider a bridging loan when:
- You’re having issues with your bank. They’re not getting their act together, and they can’t deliver funds on time.
- You need to renovate your property in order to sell it at a good price
- You want to polish up a duplex before you put it on the market
- You need a cash deposit for a new piece of property for a business or investment
- You need help with moving costs
- You have unforeseen medical bills
- You need help dealing with legal issues
- You have debts that need to be prioritized prior to the sale of your home
- You need to downsize, and your current living costs are unsustainable. But first, you need to sell your home
Key Features of a Bridging Loan
Curious about the details of a bridging loan? Here’s everything you need to know:
- Get a loan for as little as $25,000 or as much as $500,000
- Bridging loans are secured by caveat, second mortgage, or first mortgage
- You’ll typically get access to funds within three to five days of applying
- Loan terms range from 2-24 months
- Everyone in Australia can qualify
- You don’t need to go through a credit check or an income assessment
- Very little documentation is required for approval
- Bridging loans are always backed by real estate. As long as you own property, you can get approved
- Underwriting is flexible
- Mango Credit and Mango Mortgages are NCCP compliant, with Australian Credit License 422165
The upside of short term bridging loans include:
- Access the equity in your home within days to help buy your new home quickly or pay deposit on your next residential purchase
- You don’t have to miss out on THAT property while you wait to sell yours
- Avoid the stress of having to sell in a hurry, and by doing so, you potentially get a better price on your house
- Maximise the market value of your home in preparation for sale
- Can help reduce or avoid storage and/ or temporary rental property costs
- Create wealth by completing that small subdivision or duplex
- Fully regulated by ASIC with the extra protection of AFCA membership (Mango Mortgages only)
- Obtain funding for personal purposes