Its brokers will now be able to offer Bridgit's bridging loan to their clients
National aggregator Mortgage Choice has recently added bridging finance specialist Bridgit to its lender panel.
Mortgage Choice’s broker network will now be able to extend to their clients Bridgit’s bridging loan product, which features a 24-hour approval turnaround, a one-month interest-free period, and a minimal setup fee starting from 0.99%.
It also offers a loan term of up to six months for amounts ranging between $300,000 and $3,000,000, with a loan-to-value ratio (LVR) of up to 75%.
The increasing demand for bridging loans, Mortgage Choice said, is primarily attributed to the ongoing shortage in housing supply – a scarcity that prompts buyers to secure their next purchase without the risk of losing out, making bridging finance an attractive option.
The aggregator also pointed out that the rising cost-of-living has led to a trend where older homeowners look to downsize, with bridging finance facilitating the timing of sales and purchases without the hassle of finding temporary housing.
“We’re excited to welcome Bridgit to our lending panel,” said Anthony Waldron (pictured left), chief executive of Mortgage Choice. “When you find your dream home, you often don’t have time to sell your existing home first. Bridging loans give buyers the freedom to secure their next home, which is particularly important in a competitive housing market where supply remains constrained.”
Aaron Bassin (pictured right), co-founder and chief executive of Bridgit, said they were proud to partner with Mortgage Choice and were looking forward to working with its broker network to help more people make progress through property.
“We recognise the significant role that brokers play in supporting borrowers through the lending process and are excited to build on our partnership with REA Group and as we continue making bridging finance more accessible for homeowners,” Bassin said.
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