Bridging
Finance NZ
Crester helps Kiwis with short-term bridging finance ranging from $5000 to $2,000,000 NZD. We provide a shortfall bridging loan solution for buying and selling your current without the stress in-between!
Bridging financing might be short-term help with settling on a new home and getting a mortgage while your current home is waiting to be sold or for a settlement date. Or to provide a financial bridge for a new-build when under construction while you remain in your existing home. Our bridge financing lenders design your agreement with a payment plan term with a duration between one to twelve months, customised to make the repayments affordable.
Stress-free & fast
If you need bridging finance, the market situation can be stressful & under time pressure. You’ll get fast results from Crester, guaranteed.
Cash in 24 hours
We can loan between $5000 and $5 million when helping Kiwi’s with a bridging loan. Once approved, we can deposit cash into your account within just 24 hours.
Bridging loan rates
Our rates are as low as just 12% per annum, depending on the size of your loan.
Super fast –
Money in your
account
just 24 hours
Bridging Finance Home Loan Calculator
How much does bridging finance cost? Is a question that’s easily answered with our New Zealand bridging loan calculator to determine the repayments you can afford and how much you should borrow. Usually, you’ll make a deposit on the item you wish to purchase, which acts as security, and we then spread the rest across 48 months.
$30 per week
Our maximum loan term is 3 years so your repayments on a $6650 loan must be $70 (or more) per week
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Use Bridge Financing For Mortgages and More!
- Home mortgage repayments to get you through while selling your existing house.
- Buying that new house before selling your current one!
- Buying “As is Where is” properties, fixing and reinsuring them.
- Property development. If you know you’ll make a profit by developing; we can bridge the cost until sold.
- Renovations and flipping.
- Making a deposit on a new home when building off the plan.
- Both residential and commercial property investments.
- Investors often bridge funds to make cash offers, while waiting for bank finance to be approved on an investment property.
- Buy a new car while waiting to sell your existing one.
All in all, if you’re short of funds, but you know that it’s only temporary, then finance can help when buying a new house. Connect with us, explain your situation and before you know it, we could be your finance partner that allows you to purchase that new house before selling your old one with ease!
How Bridging Finance Works
Short Term House Deposits
A common question is, “What is the fastest way to save for a house deposit?” – The answer is that you don’t need to save the entire deposit for a home loan. A bridging loan can help you get there much quicker. With moving house prices rising and interest rates low, there’s no better time to jump onto the property ladder, assuming you can afford it.
Other Peoples Money
Bridging loans are very common in New Zealand, and property investors use them all the time. One of the secrets to investing is “using other people’s money”, assuming you’ve made all calculations that you’ll make a profit and be able to pay back the loan with ease, even if things go a little wrong. They do this so they can access funds and buy more properties faster than they could on their own.
Low Interest Rates
Crester consistently has cheaper interest rates than many of our competitors. Factor the interest rate into your projections when asking for bridge financing and ensure you factor that your project might take longer than planned. Use our loan calculator to get an indicative understanding of your repayments, although if it’s a big loan you’re looking for, we may give you a lower interest rate.
Bridging As is Where is Houses
In Christchurch specifically, bridge funding is used a lot to buy distressed or earthquake damaged housing that has been deemed as “As is Where is” and can’t be insured. People are buying the house, renovating it and bringing it up to standard structurally so it can be reinsured. Often people don’t have the funds to do this, so they get topped up with a bridging loan from Crester.
Handy Tips Before You Apply for Bridging Finance
- When using bridging finance, be sure to calculate that you’ll need the money longer than what you anticipate. Calculate the worst-case scenario.
- Note that any lender that offers bridge funding will use the asset you have, such as a property, as the security of the deal. If things go wrong, the lender will have rights to the property to get their money back and could force a sale; all the more reason to do your calculations thoroughly.
- Assume surprise costs if renovating a property, and as a result, additional delays. A 15% contingency factor is a good place to start.
If you’re using Crester’s bridging loan services for buying a new property before you sell your existing property, then ask the real estate agent for a delayed settlement so your borrowing the money for a lesser period. - Short term financing solutions such as a short-term bridge of funding is always tempting but make sure you get the right finance partner and read the fine print. At Crester, we are completely transparent on fees, interest rates and additional charges for defaulting or late repayments.
- If you’re buying your dream home, it might be crossing your mind as to when the best time to sell your property is. For example, listing your home in the middle of winter could cost you serious cash, whereas spring might be better. Think about bridging finance and the timing of your sale, so you get maximum results.
Frequently Asked Questions
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Bridging finance is a short-term loan that helps you cover the financial gap between the purchase of a new property and the sale of your existing property. It allows you to access funds quickly to secure a new property while waiting for the sale proceeds from your current property.
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Bridging finance works by providing you with the funds needed to purchase a new property before selling your current one. You can use the bridging loan to cover the down payment or the full purchase price of the new property. Once your current property is sold, the proceeds are used to repay the bridging loan.
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Bridging finance is typically offered for a short-term period, usually between six months to one year. The duration can vary depending on the lender and your specific circumstances. It is important to have a clear plan for selling your existing property within the bridging finance timeframe.
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Yes, you can repay the bridging loan early if you sell your existing property before the end of the loan term.
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Put simply, it’s bridging the gap between you buying something before you have the funds to pay for it, but knowing that you’re selling something to cover the costs in the near future. Often people buy a house but they haven’t sold their existing one yet, so a bridge loan covers the cost until the sale is made.
APPLY NOW & YOU CAN BE APPROVED BY
Our online application form takes only six-eight minutes to complete. Start by filling this in, and if you’d like to talk with one of our loan officers, please make a note of it in the application.
Bridge financing questions? Ask Our lending team.
Jeanette
Karen
Jo
Skye
Peter
Laura
We respond to our property customers almost immediately. If you’re looking to bridge the gap between a mortgage and a sale yet to happen it’s usually an urgent matter so we’ll be in touch as soon as possible. In the meantime, make your application online and please review our FAQ’s about Crester Credit’s terms and conditions. We’ve included detail about establishment fees, annual interest rates, early settlement options, the responsible lending code of New Zealand, and the online finance application process. We’re here to help with everything finance related, so please ask if you have any questions at all.
FAQ