FAQs
Some of the FAQs about Equity Now’s Bridging Loans service.
Navigating the world of bridging loans and equity release products can be a little complicated, so we have pulled together a brief list of frequently asked questions:
How much can I borrow?
Access between $15,000 and $250,000 before settlement
What is the eligibility criteria?
You must have an unconditional offer on your current home and a maximum of 80% LVR.
What can I use the money for?
Deposit on your next home, renovation work, holiday, debt consolidation—essentially anything lawful.
How long can I borrow the money for?
A maximum of 6 months.
Do I have to make any payments upfront?
No, pay nothing upfront. The loan is repaid when the house settlement goes through.
What are the costs?
Establishment fee scale:
- $15,000 – $49,000: $500
- $50,000 – $149,000: $1,000
- $150,000 – $250,000: $1,250
Interest rate: 1.65% per month.
What is the application process?
Click on the Apply Now link and complete the simple form. One of our team members will be in touch within 2 hours.
Do I need to sell first before applying for an Equity Loan?
Yes. Equity Now loans are only available to properties that have exchanged unconditionally.
I've completed my online application, what happens next?
Sit tight! Our team and automated processes move fast, meaning your application will be finalized within 48 hours. Once approved, funds can be sent to your bank account either the same or the next business day.
What is the process for checking your credit?
In most situations, Equity Now typically does not conduct a credit check when you apply for early settlement bridging finance.
What documents do I need for the application?
To apply, you’ll need your sales contract, evidence of your mortgage amount, and a copy of your passport or driver’s license for identity verification.
How is the bridging loan secured?
An Equity Now loan is secured through a caveatable interest in the property being sold. This means a notice is placed on the property’s title to confirm our interest, which is removed upon repayment during the property settlement process.
How is the equity loan repaid?
There’s nothing for you to do! Your conveyancer or solicitor will organize for everything to be repaid at settlement.
What is the longest settlement period for an Equity Now loan?
With loans extending to 6 months, you can steer clear of the worry and unpredictability of being ill-prepared. Instead, you can rest assured that you’ll have the necessary funds precisely when you need them the most.
How do I sign the bridging finance agreement?
Your Equity Now Equity Release Loan Agreements will be sent to you via email, and you will be required to sign them electronically.