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Bridge Powered by Bridgit is the latest offering from Aussie, developed alongside non-bank lender Bridgit.
In a bid to provide greater flexibility for clients, the latest loan offers:
- Bridging loan terms of up to 12 months
- No monthly repayments during the loan term
- Competitive rates
- Conditional approval in 24 hours
- Available for both owner-occupiers and investors
- National availability
- Flexible for downsizers – income verification not required in most cases
According to Aussie, there are a variety of use cases for the loan, including purchasing a new home before selling the current one.
It can also be used for presale property improvements, downsizing, property investment, or instances of separation.
Lendi Group’s chief product officer Travis Tyler said the Bridge Powered by Bridgit loan will assist in filling specific borrower circumstances.
“With limited housing stock, competitive auctions and potentially high costs for rushing and getting it wrong, it has never been harder for homeowners to upgrade or downsize,” said Tyler.
“Aussie Bridge will remove much of this friction and stress from the property journey, and we know the market need is there. It will enable customers to unlock the equity in their current home, avoid the stress of overlapping settlements, and secure their next property.
“As our proposition evolves from a mortgage broker to an integrated property ecosystem, we need to bring Australians on that journey and show them that we’re in their corner in new ways. Aussie Bridge is another way for our brokers to do this.”
Aussie said that borrowers invest 10 months of the year into the property purchasing journey.
With around 500,000 sales each year, this is a substantial amount of time. Products like this bridging loan aim to speed up the process for certain types of borrowers.
Aaron Bassin, CEO and co-founder of Bridgit, said the latest partnership with Aussie is important for providing greater choice for consumers.
“We are proud to partner with Aussie to launch Aussie Bridge, giving more Australians the confidence and opportunity to buy now, sell later,” he said.
“This partnership marks an important step in expanding access to fast, flexible bridging finance. Our proprietary technology means Aussie brokers and their customers can now take advantage of instant deal workshopping and approvals in less than 24 hours.
“With rates expected to drop and buyer demand set to intensify, Aussie Bridge equips homeowners with the speed and certainty they need to unlock the equity in their home and make progress through property with confidence.”
