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The maximum loan term has been expanded from 12 months to 24 months. Bridgit has also increased its maximum loan limit from $8 million to $10 million.
These policy changes will provide a more comprehensive bridging finance solution and, according to the lender, are catered towards property investors, renovators, house and land package buyers, and long-settlement purchasers, such as luxury home owners and regional property owners.
Further to the policy changes, Bridgit has launched trail commissions for brokers.
Now, brokers will receive trail for 24-month terms, in addition to the existing upfront commission.
Aaron Bassin, CEO and co-founder of Bridgit, said the changes allow for greater flexibility in bridging finance to help support this niche segment of borrowers.
“Extending our maximum loan term to 24 months and increasing our loan limit to $10 million is another example of how Bridgit is creating more access to bridging finance and creating new ways homeowners can utilise their property equity,” said Bassin.
“These changes will allow more Australians to access the equity in their properties and give them more flexibility and freedom for their next move.”
These latest changes follow a slew of announcements from the specialty lender.
Back in May, Bridgit partnered with Aussie to deliver more bridging finance solutions for Aussie customers and brokers.
“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 Lendi Group’s chief product officer, Travis 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.”
Following the Aussie announcement was a partnership with LMG to provide a bridging loan to its broker network.
Bridgit by LMG is available to LMG brokers now, with future plans to integrate Bridgit’s platform into the aggregator’s CRM to reduce “double handling and creating a faster, more seamless path to approval for brokers and their clients.”
Most recently, Bridgit was added to the Yellow Brick Road (YBR) aggregation panel.
Bridgit said in a statement that the combination of auction clearance rates above 70 per cent and reduced interest rates means buying power and seller confidence are high.
This has resulted in increased demand for bridging finance, as borrowers look to buy before they sell to ensure no state of limbo in between properties.
[Related: Aussie unveils new bridging loan]
