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What is a bridging loan?
A bridging loan is a special type of short-term loan used when you are selling and buying a property at the same time.
It borrows against the equity on your current home that you are selling to cover the purchase price of the new property, creating a financial “bridge” for the gap between buying and selling properties.
Bridging loans are usually interest-only home loans with short loan terms of up to 12 months, higher interest rates and special conditions about selling your current property within a certain time frame.
Though it is not a recommended strategy by Mates Rates we can still assist you with the best cash-back option if a bridging loan is what you require.