Flexible
You have up to 12 months from the date of settlement of your new property to repay your Community First Bridging Loan. Usually the sale of your current home will pay out the bridging loan.
Simple
Unlike some lenders, our bridging loans are interest only, with no repayments required monthly which can help with budgeting.
Choice
If you'll still have a loan after paying out the bridging loan, choose from one of our other competitively priced home loans for this part of the loan.
Owner occupied
Standard Variable
|
Interest only |
8.89% p.a.1 |
|
Comparison rate:
|
6.68% p.a.* |
How do bridging loans work?
Deciding to sell your current property and buy another one can present some challenges. Can you afford to buy before you sell? What if you find your dream home before you’ve sold your current home? Where will you live if you sell your current home and don’t find the right property right away? Bridging finance is a short-term loan that can help you buy the dream home you’ve just found while giving you up to 12 months to sell your existing home.
Find out moreFeatures and benefits
$0
Annual fee
There's no annual fee to pay on the bridging loan.
$1,500
Application fee
Includes one standard valuation and one legal fee for one security property.
$0
Monthly fee
There's no monthly fee applicable for bridging loans.
How to apply
You can apply online, over the phone or by visiting one of our financial services stores. One of our Mortgage Specialists will guide you through the process.
Don't have a cash deposit?
A deposit bond can be used to purchase property when you don't have immediate access to cash - but you will by settlement.
Find out moreConsider these steps first
What to consider before taking a bridging loan including possible alternatives.
Find out moreHome improvements that can add value
Adding value without over-capitalising is key - here's what you could consider.
Find out moreFees and charges
You can view Target Market Determinations here.
Credit eligibility criteria, terms & conditions, fees & charges apply. Community First will need to hold a first registered mortgage over any properties being taken as security. Where a bridging loan is taken, all loans must be held with Community First. The maximum LVR during the peak debt is 70%.
1 Rate is current as at 17/11/23 and subject to change without notice.
*The comparison rate is calculated on a loan amount of $150,000 over a loan 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.
Community First Credit Union LimitedABN 80 087 649 938 | Operating as Community First Bank | AFSL and Australian credit licence 231204| BSB 512-170