Bridging Loans

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

Apply For a Bridging Loan Today