Bridging Loan
A Bridging Loan is designed to provide short-term finance for residential purposes. It is typically used by owner-occupiers purchasing a new home with the intention of selling their existing home shortly thereafter.
Heritage’s Bridging Loan features include:
- Competitive interest rate
- No monthly administration fee
- No early termination fee
- No repayments are necessary until end of loan term
- Interest is capitalised
- Additional repayments can be made without penalty
- Maximum 72% Loan to Valuation Ratio (on property to be sold)
- Application fee $900
- Application fee may be added to loan
- Normal LVR requirements apply to new home
- Bridging loan remains separate and easily identifiable
- Standard term of the loan is 6 months
- Bridging loan can be combined with any other Heritage loan type to facilitate the purchase of your new home*
- Valuation fee on first security paid by Society up to max $330^
* Subject to normal eligibility criteria.
^ Excess valuation fees may apply in some circumstances where valuation fee exceeds $330 or where more than one valuation required.
Loans subject to application and approval. Fees, charges and conditions apply.