Here are the key features and details you need to know about Funding's mortgage products.
| Feature | Details |
|---|---|
| Minimum deposit | Funding bridging loans require no more than 70% loan to value ratio (LVR). This means you can borrow up to 70% of the property value for a bridging loan. |
| No offset account | Because it is a short-term bridging loan, it does not offer features like offset accounts. |
| Rates | Funding offers "rate for risk" interest rates, which means they start at 7.95% but may be higher depending on your circumstances. The bridging loans have fixed rates only as the loan terms are fixed at 1–36 months. |
| Interest only repayments | You only repay the interest during the bridging loan term. When the term ends, you repay the principal loan amount plus accrued capitalised interest |
📄 Property details. You can start a loan enquiry before you've bought a property. But to complete an application you need the address of the property and a signed contract of sale.
📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.
📄 Proof of income documents. Recent payslips can establish your income.
📄 Asset and liability documents. You need to provide documents showing your current assets (savings accounts, investments) and liabilities (your outstanding debt).
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Not everyone will need a bridging loan, but it’s helpful if you’re waiting for your home to sell. If you’ve found your dream home but haven’t sold your existing property yet, taking out a bridging loan can give you the flexibility to purchase early.
Consider how important it is that you purchase the property sooner as you will end up paying more in interest with the bridging loan. You also need to be confident that you will sell your existing property within the agreed-upon loan term.
There are always some risks involved with loans and bridging loans are no exception. The biggest risk is if you can't sell your property within the loan term. Your existing property will be used as security, so Funding can sell your home if you can't pay. This will also affect your credit score.
Like other lenders, Funding holds an Australian Credit Licence and is regulated by the Australian Securities and Investments Commission (ASIC) and must comply with the National Consumer Credit Protection Act.
The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.
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