Loan purposeOwner occupied or investment property: |
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Suitable borrowers:Prime: |
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Acceptable security:Category 1 and 2 Postcodes: |
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Refer to the requirements of the end debt loan product (if applicable):
Income Documentation – PAYG
Note: where serviceability is reliant on additional income from employment such as overtime, allowances, bonuses, the most recent PAYG summary / Single Touch Payroll (STP) summary must be provided.
Income Documentation – Self-employed
Credit History
ABN & GST
Income Documentation
One of the following:
Credit History
Income Documentation – PAYG
Note: where serviceability is reliant on additional income from employment such as overtime, allowances, bonuses, the most recent PAYG summary / Single Touch Payroll (STP) summary must be provided.
Income Documentation – Self-employed
Other
Credit History
What is a bridging loan?
Bridging loans are designed to provide short-term financing to help homebuyers bridge the gap between selling their existing property and buying a new one.
To learn more about bridging loans, read our guide on What is a bridging loan.
Why might someone need bridging finance?
Here are some common reasons why home buyers take out a bridging loan in Australia.
What is “peak debt” and “end debt”?
Before taking out a bridging loan, it’s important to understand the concept of ‘peak debt’ and ‘end debt’.
Peak debt refers to the highest level of debt-incurred before the sale of an existing property. It includes the loan amount for the new property as well as any outstanding mortgage on the current property.
End debt is the total amount of debt that remains at the end of the loan term, after the existing property is sold and the bridging loan is repaid.
How much can I borrow?
It depends on the lender. For Brighten, our bridging loan product – Brighten Connect – offers:
The maximum amount a customer can borrow depends on various factors, such as their income, liabilities and credit history.
Brighten’s online borrowing calculator offers an estimate based on your current financial situation, helping you understand how much you could potentially borrow.
What is the loan term for a bridging loan?
It depends on the lender. For Brighten, our bridging loan product – Brighten Connect – offers a 6-12 months bridging period, and a total loan term of up to 30 years.
What is a “no end debt” bridging loan?
A ‘no end debt’ bridging loan could be a good option if you’re downsizing your home. This type of bridging mortgage has no set repayment date and you’ll pay the interest charges and the loan balance in full when the loan matures. When you sell your property, you can use the money to pay back the loan when it ends.
What is a “end debt” bridging loan?
An ‘end debt’ bridging loan could be a good option if you’re upsizing your home. This type of bridging mortgage is split into two parts: a short-term bridging loan that covers the costs of selling the existing property and a long-term loan for buying a new property. When your property is sold, the money is used to repay the short-term bridging loan component, leaving you with a long-term loan for the new property.
How does repayment work for a bridging loan?
It depends on the lender. For Brighten, our bridging loan product – Brighten Connect – follows an Interest Only repayment structure. During the bridging period, the interest budget is retained, so no repayments are required.
If there’s no end debt required, the borrower will simply pay off the short-term bridging loan once their existing property is sold.
If there’s an end debt involved, then after the existing property is sold and the bridging loan is repaid, the loan will automatically revert to a standard Brighten Full Doc and Alt Doc product with an applicable interest rate — typically at a lower rate.
Are there postcode restrictions on the property I use as security?
For bridging finance, we accept houses, apartments and townhouses as security in category 1 (metro areas, capital cities in each state and major regional centres with large populations) and category 2 (medium-sized regional centres) postcodes.
What do I need to provide as proof of income?
It depends on the lender. For Brighten, if there is no end debt involved, no income documentation is required.
If there is end debt involved, the required documents will depend on the end debt loan. Generally, for Full Doc loans we accept two consecutive payslips. For Alt Doc loans we accept one form of income verification, such as: Brighten template accountant’s letter, 6 months of BAS or 3 months of business bank statements.
Please refer to the Document Checklist section for more details.
Submit Your Application
We process your application and supporting documents, and issue you with a complimentary conditional written approval within 48 hours.
Valuation & Income Verification
We will begin our valuation and income verification process after Application Fee and Valuation Fee are settled.
Documents Signing
We will issue you the formal loan approval, then we will forward you all the necessary documents you need to sign.
Settlement
We finalise your settlement, and your loan is released to you. Congratulations!
Try the Borrowing Power Calculator and find out how much you may be able to borrow.
Discover an estimate of your loan repayments with our Loan Repayment Calculator.
Use the Stamp Duty Calculator, and discover the government charges you’ll have to pay on your loan.
Comprehensive and competitive Full Doc, Alt Doc and Construction loans, available to Prime, Near Prime, Expat and Non-Resident buyers.
Fast SLA supported by our experienced team and a proprietary cloud-based loan origination platform.
Well-established warehouse-funding arrangements with multiple Top Tier Banks, 2 public RMBS programmes and a wholesale credit fund to provide further funding diversification.
Our experienced team are available when you need them to help you navigate your home loan journey.
Award-winning non-bank lender with an extensive broker and aggregator network across Australia.
Good governance, social responsibility and sustainability are key pillars of our culture.
*Available for new Brighten Connect loans (IO) ≤80%LVR. #The comparison rate is based on a secured loan of $150,000 and a term of 25 years. WARNING : This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
