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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.
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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.
Graham
Auckland 0600, New Zealand
Always a great service, even when what was needed is a little confusing they are able to explain it and help get the best for us.G
John
Orewa, New Zealand
Emma is just the best. We've had a long standing relationship with Emma. She understands us and our goals and moves heaven and earth to make things happen.J
S
Auckland, New Zealand
Big thanks to Kyle for his patience, persistence and absolute hustle to get us across the line, going above and beyond.S
Arun
New Zealand
Professional approach, prompt responses, clear communication and excellent result focus. Over all highly satisfied.A
Prav
New Zealand
Vikram Katukam has helped us through re-financing. He did an awesome job getting us the first home loan and re-financing at the right time to ensure we get our cash offer and best rate as well from the other bank. Great work!!!P
Lionel
New Zealand
Appreciated Squirrel did not give up after initial decline from the bank on the mortgage application, happy to say we go there in the end.L
Michelle
Auckland, New Zealand
Thank you so much to the amazing Lindsay Hill for helping me to achieve another life milestone, first in 2016 with my own home and now in 2022 with a rental. First class customer service, industry knowledge and patience with my many questions :)M
Anthony
Auckland, New Zealand
My squirrel broker Jessica car went above and beyond in her professional advice and support during my application . She is an absolute gem. I am forever grateful Regards AnthonyA
