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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.
Melvin
New Zealand
Sudam was very helpful and quiet patient. He was available to talk and clear our doubts any time of the day. I will recommend Sudam to my friends and relatives .M
Mary
Auckland, New Zealand
So grateful for Kyle's and Squirrel's guidance. Ours wasn't a simple transaction, so we appreciated having our hands held throughout the whole process resulting in an easy home purchase. Kyle was so informative and incredible speedy. Thanks so much!M
Pete
New Zealand
Excellent service from Kyle. He did a great job arranging our mortgage requirements and kept us informed throughout the process.P
Daniel
Auckland, New Zealand
I would highly recommend Jessica Molony as she got us into our first home. She was very knowledgeable and helped us right through the process.D
Jo
Hamilton, New Zealand
Jessica Molony was brilliant to work with. Was easily available by phone or email and made the whole process seamless. She is a credit to your business.J
Courtney
New Zealand
We have purchased our first home thanks to Squirrels launchpad package. The team were so helpful, so prompt and kept us informed the entire time we couldn't have been able to do it without them!C
Nicole
Patea, New Zealand
All communication throughout the process was fantastic. Any queries I had were answered straight away. The Squirrel agent was very good to talk and extremely helpful. Thank you very much for the service.N
Michelle
Putaruru, New Zealand
Alfonso was helpful and we felt like he had our best interests in mind when arranging the mortgage for us.M
