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And if there's a better deal out there, we can move your mortgage to another lender.
Refinance my mortgage
A cost effective Bridging Loan
Many people prefer to buy a new home before selling their existing one. That's why we’ve come up with a bridging loan to take the headache out of moving house.
Now you can upgrade to the right property at the right time without selling your current home first.
Get started
Move house on your terms.
Benefits of a Squirrel bridging loan:
- Borrow up to 80% of the combined property value
- Short term loans
- Flexible payment options
When it comes to buying and selling we’ll look at all the options and help you work out the best strategy to buy and sell. Whether that’s our bridging loan or one from our banking partners, or if you even need to bridge at all.
Squirrel can fund up to 80% of the value of your new property and existing property combined.
- The amount we are prepared to lend may be impacted by location or the type of house
- This type of loan is only available for homeowners buying and selling their owner-occupied home.
See our current interest rates for bridging loans here
Priority is given to existing Squirrel clients
We have limited funding available for bridging loans. If you need to bridge a loan, it's important that you get advice early in the process and that you lock in your funding (if required).
- Existing Squirrel broker clients who purchased their last home through our advisers
- Existing client approvals
- New to Squirrel clients who have already purchased
1. Get approved to buy a new home (subject to sale of yours)
2. Find a property
3. We'll arrange bridging finance
4. Sell your existing home
5. Bridging loan is repaid and your lending is moved to the bank
Are there any fees?
As with any bridging loan, there are fees involved. You can find out about Squirrel's home loan fees over here.
We won't push you towards a product that doesn't work for you
Bridging loans are arranged by our mortgage advisers so the first step is to do an application for a new purchase. Your Squirrel adviser will get you approved for that with one of the banks and if the bank is happy to bridge your existing property then that will be the cheapest way of bridging. If they aren’t prepared to (and often they aren’t) that’s where Squirrel can step in. We can give you access to our bridging loan.
Once you buy and lock in our funding the rest of the bridging fee is payable. It doesn’t have to be paid until either the house sells or the loan draws down in which case the fee is added to the loan.
What's the alternative to a bridging finance?
You can buy with a long settlement date and then sell in the interim period. It would still reduce your risk for us to approve bridging finance just in case you don’t sell in time.
Alternatively you can sell first with a long settlement and then try to buy. The challenge with this approach is you might get locked out of the market or might not find the right property and compromise your next purchase.
Scott
Putaruru, New Zealand
Tim was awesome. I'm a customer experience manager and have no suggestions for improvements. Well done!S
Svend
Lincoln, New Zealand
Eleanor and the support team was great refixing a portion of mortgage. Have used squirrel since our first house continues to provide great serviceS
Harry
Auckland, New Zealand
Jess Molony represents everything you want in a trusted advisor. She is knowledgeable and patient, has great communication skills and is highly responsive by phone and email ~ I am very satisfied.H
Victoria
Dunedin, New Zealand
Emma was great organising my mortgage, made it stress free and easy would definitely recommend and would use again the the need arises.V
Jordan
Auckland, New Zealand
Our broker was super helpful, from the first call all the way through to settling on our house. Super easy to talk to and contact, friendly and had so much knowledge that we really needed as first time buyers.J
Anthony
Hamilton, New Zealand
Awesome service a big Thank you to Aatish Balsara he was a pleasure to deal with and gave excellent advice.A
B
Te Awamutu, New Zealand
Simply brilliant! Two words are really all that is needed to express the service and outcome provided by Jessica Carr, our wonderful advisor. When we thought hope was lost, Jessica found hope and came through for us. Thank you Squirrel!!B
Patty
Auckland, New Zealand
I am very grateful for the services I have received from Basil Frank. He is professional and efficient.P
