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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
- Lower interest rates
- Less fees
- 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.
Our current bridging mortgage rate is from 6.95%p.a.
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. Squirrel charge 0.50% of the amount borrowed with a minimum fee of $5,000. $1,000 of the fee is payable up front on approval.
When are the fees payable?
|
When |
Fee payable |
Benefit |
|
On approval |
$1,000 |
Gives you the ability to buy at auction or go unconditional |
|
On acceptance |
0.50% of the amount to be borrowed (min. of $5,000 less $1,000 already paid |
We reserve funding for settlement |
The full bridging fee is payable even if you don’t draw down funding because we have to reserve funding from the point you accept our finance offer.
There are no additional costs if you do not need the funding (your current homes sells in time).
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.
Sharmaine
New Zealand
I am happy with my advisor. He moved to Squirrel and followed him but i have yet to get to know the company itself.S
Angus
Auckland, New Zealand
Both Alex and Eleanor were fantastic. I have used a mortgage broker in the past - with mixed results. They both were amazing. Would 100% use again. Very happy with the outcome.A
Katie
Whangarei, New Zealand
Jessica was amazing! While other advisors told me I wasn't in a financial position to buy my first house, Jessica worked with me to make it happen. Thanks to her, I am now in my own home. Thank you so much Jessica, I loved working with you!K
Vishal
Auckland, New Zealand
Alex was very helpful. Being first home buyers, we had endless number of questions. He was always patient, forthcoming and calm. I am happy to say Alex helped us more than our solicitor did. Thank you Alex and Squirrel for helping us buy our first home.V
Miriam
Auckland, New Zealand
Excellent service from Eleanor. Great communication and follow up. I got the results I wanted with no fuss. I would happily use Squirrel Mortgages again.M
Christian
Auckland, New Zealand
Very good. Brad made a small mistake but it was rectified quickly. Still he was a pleasure to deal with with fast and efficient communication and would recommend him and Squirrel to others.C
Paul
Wellington , New Zealand
Worked with Squirrell with commercial funding where we were having issues elsewhere and JB made it happen. Communication was excellent. Thanks youP
Millie
New Plymouth, New Zealand
I found my adviser very knowledgeable and helpful. Wouldn't hesitate to recommend him to friends and familyM
