Get Fast Bridging Finance in NZ
Instant bridging finance is essential in your moment of need so we cut the red-tape, make fast decision and give you the freedom to negotiate for that home purchase you have your heart set-on. Urgent bridging loans are usually used to buy a house before you sell your current home. It ties you over for a short period that while waiting for the sale, allowing you to afford any mortgage repayments associated with both properties. It can also be used for a deposit on your new home, which can be paid back after the sale of your existing home.
But when you’re working with Alternate, we can also offer you an urgent bridging loan when you need lending for purchasing and selling industrial equipment or vehicles; it’s not just for purchasing a property. Of course, this is all subject to being in accordance with the responsible lending code of New Zealand.
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How Bridging Finance Works
Some lenders will take over the mortgage when offering a bridging loan, and you’ll accrue interest until you start making payments or settle the amount in full upon the sale of your property. A bridging loan is a short term solution that is usually for only 3 – 6 months while you sell your existing property or equipment. You pay interest for the period on the amount you’ve borrowed, much like you’d pay on a normal loan.
Fast Bridging Loan Calculator
Rates
Consolidate debts with Alternate Finance, and you’ll receive up to 36 months to make affordable loan repayments. When consolidating debt, we’ll give you a low interest rate in comparison to what you’re paying currently, and we’ll roll all debt into one simple payment. The low interest rate ranges from 13.95% to 26.98% p.a.
For more details, including early repayment conditions, our loan terms and conditions, establishment fees and default interest rates, please view our rates and fees webpage by clicking here.
Terms
If you’re looking at consolidating debt with us at Alternate Finance, it’s important to get an understanding of our terms and conditions. When you apply for loans designed for consolidating debts, you’re agreeing to Alternate Finance having permission to store and collect your information. Alternate Finance will endeavour to keep all information on this website accurate and up to date, in regards to debt consolidation but if you spot any inaccuracies, please let us know in writing and we’ll rectify it within a reasonable timeframe. For further detailed information about consolidating debts, please follow this link. Alternate acts in accordance with the responsible lending code of New Zealand.
Security
Your personal information is protected with end-to-end encryption on all web forms, ensuring that your data remains secure throughout the application process. Alternate Finance treats all loan information confidentially, following strict security protocols to safeguard your details from unauthorized access.
Additionally, Alternate Finance complies with New Zealand’s privacy laws and regulations, giving you full transparency on how your data is used. Their commitment to privacy means your information is never shared with third parties without your consent.
For a full breakdown of our data protection policies, you can review our Privacy Policy, which outlines how your personal details are stored, processed, and used securely.
Did You Know?
Bridge Loan Interest Rates NZ
If your loan is a large sum of money, generally, you're given low-interest rates in comparison to smaller values. Alternate provides low-interest rates of 10% through to our higher interest rate at 17.95%, and these are negotiated on a case by case basis depending on the term and the value of the private bridging finance for construction or property or equipment.
Security For Private Bridging Finance
Usually, your property, whether it be a house or a vehicle, or equipment, is security in itself, so you don't need to worry about providing security. In the unlikely event that things go horribly wrong, like a housing market crash, a finance company will have an interest in the item you're selling and buying.
Bridge Loans And Renovations
Often people won't have the funds to renovate their home before selling it, but in order to get top dollar, they can apply for a bridge loan that allows them to make alterations and put the property on the market in a short period of time. This is similar to loans for builders and construction loans for people that like to flip houses. In competitive property markets, bridging finance can help give you the edge. (One of the little secrets of property investors!)
Example of a Fast Bridging Finance Lender
If you are buying a house for $500,000, and you have a $30,000 deposit in cash, plus $200,000 equity in your current property, you'll need your deposit topped up to $100,000 to buy the new property (20%). You'll borrow $70,000 as a bridging loan from Alternate. You'll accrue interest on the $70,000 for the duration that you have the loan. Once you sell your existing property and release the $200,000 equity, you'll repay the Bridge loan of $70,000 + any interest remaining from sale profits.
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Frequently Asked Questions
What is meant by the term “bridging” when it relates to finance?
To bridge your finances is easily explained when someone is buying a house, but they haven’t sold their existing house yet, and don’t have the funds for the purchase. It’s bridging the gap of time with a loan, while the existing house is being sold. Lenders often bridge funds for people buying and selling commercial equipment as well; so bridging loans aren’t exactly home loans, but they’re related.
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Contact our friendly team for more information on bridging loans