Heritage Bank Bridging Home Loan

The Bridging Home Loan from Heritage Bank offers competitive interest rates and is missing many of the fees commonly associated with these loans.

Bridging Loans offer you funds to buy a property while you wait for your existing property to sell. They are considered short term loans and as such can be more expensive than regular home loans.

No reviews yet. Write a review
Avatar

By

Richard Whitten

Updated

Fact checked

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Review by

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).

Expert review

The Bridging Loan can be used to help you purchase your dream home or a new home without having to wait for the sale of your current home, so you can move while your home is still in the market.

About this loan

What are the features and benefits of the Heritage Bank Bridging Home Loan?

  • Low fees. Heritage Bank removes most of the fees that are usually associated with home loans. For example, there are no monthly fees to pay with this loan, no early termination fees and you can make additional repayments without facing any charges or fines. Although, there is an application fee of $900.
  • Repayment flexibility. This loan gives you flexibility when it comes to making repayments. You don't have to make any repayments until the end of the loan and as mentioned above, you can also make additional repayments to pay off the loan earlier than the loan term.
  • Loan combination. You can combine your Heritage Bank Bridging home loan with other loans from the same bank to facilitate your new home purchase.
  • Loan term. Like other bridging loans, this too is a short term loan with a standard term of only six months.

What fees and charges come with this loan?

  • Application fee. You will be charged $900 as an application fee for the Bridging Loan.

How to apply

Eligibility requirements for this loan:

  • Age requirements: You need to be above the age of 18 years to be eligible for this loan.
  • Residency requirements: The Heritage Bank Bridging Loan is only eligible to permanent residents of Australia.

Heritage Bank will also require:

  • Personal identification: Various documents are acceptable including a valid driver's license, passport and others.
  • Financial information: You will need to produce your latest payment summary or tax return, financial statements for the past two years and other documents showing proof of income.

Bridging Loans can be helpful for people looking for short term loans to buy new homes. Make a point of comparing different bridging loans before you decide on this Heritage Bank loan.

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site