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ANZ bridging loan

If you'd like to buy before selling, a bridging loan could help you buy your next home while you wait for the sale of your current property.

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Find out if an ANZ bridging loan could be right for you

Benefits of an ANZ bridging loan

Buy before you sell

Buy your next home without having to sell your existing property first.

Avoid renting between homes

Stay in your current property while you wait for your next house to settle, without the hassle of renting in between.

Buy when the time is right

With a loan term of up to 12 months, a bridging loan can help you buy and sell when the time is right for you.

Interest only repayments

Make interest only repayments on the bridging loan with an ANZ Standard Variable interest rate for eligible ANZ bridging loans.

How a bridging loan works

Here's an overview of how a bridging loan works. For more information, chat with your ANZ home loan specialist.

A bridge from your current home to your next one

The bridging loan acts as a ‘bridge’ between your current home loan and the new ongoing loan that you’ll use to purchase your next home. How a bridging loan works may differ slightly depending on your situation.

Here's how it can work: when you buy your next property you start making repayments on the bridging loan and your ongoing loan. When you sell your current property, you’ll use the sale proceeds to pay down the remainder of the bridging loan, after which you continue to make repayments on your ongoing loan.

 

Choose how to set up your bridging loan

There are a few ways you can set up your bridging loan depending on whether you currently have a fixed or variable rate home loan.

With a fixed rate home loan, you can take out your bridging loan alongside your current loan and keep your repayments for each loan separate. If you’re on a variable rate home loan you could either keep your bridging loan separate or refinance your existing home loan into the bridging loan.

 

Borrow up to 80% of the new property value

You may be able to borrow up to 80% of the value of the new property (known as your Loan to Value Ratio).disclaimerThe extra lending required to help you buy your next home is combined with your current loan balance to create your bridging loan.

 

Pay interest only on the bridging loan

During the bridging period (maximum 12 months), you can make interest only repayments followed by a final payment of principal and interest on the bridging loan. For your ongoing loan on the new property, you can arrange principal and interest or interest only repayments, subject to approval.

 

Things to consider

There are some things to consider before deciding if a bridging loan is right for you.  

  • Not everyone qualifies for a bridging loan. Talk with your ANZ specialist about whether you qualify before making any commitments.
  • To be eligible for a bridging loan you must be able to make the repayments on the ongoing loan plus the bridging loan. You may be required to hold savings to ensure you can cover all repayments during the bridging period.
  • You should be confident that you can sell your home and pay down the bridging loan within your agreed term of up to 12 months.
  • If you're approved for a bridging loan, you'll likely need to manage multiple repayments during the bridging period.

For more information and to help decide if bridging finance is the right option for you, talk to one of our home loan specialists.

 

Your bridging loan questions answered

ANZ bridging loans have a maximum loan term of 12 months. You should be confident that you’ll be able to sell your current property within this timeframe.

No, generally the term of a bridging loan can't be extended above the maximum loan term of 12 months. 

You may be able to borrow up to 80% of the value of the new property, as assessed by ANZ.

If you’re not eligible for bridging finance or it’s just not right for you, you could consider alternative options such as setting up a same day settlement. Speak to one of our home loan specialists about your options. 

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Any advice does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you. ANZ recommends you read the Terms and Conditions and Product Disclosure Statement, which are available at anz.com or by calling 13 13 14, before deciding whether to acquire, or continue to hold, the product.

Applications for credit are subject to ANZ’s credit approval criteria. Terms and conditions, and fees and charges apply. Australian credit licence number 234527.

Property value is ANZ's valuation of the new security property and may be different to the price you pay for the property.

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ANZ may provide pre-approval (also known as approval in principle or conditional approval) to eligible customers who apply for an ANZ home loan and complete an application form and satisfy any other applicable requirements. Pre-approval is an approval for a loan subject to conditions being met, including that security is satisfactory to ANZ. Australian Credit Licence Number 234527.

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ANZ Mobile Lenders operate as an independently operated ANZ Mortgage Solutions franchise of Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522. Australian Credit Licence Number 234527.

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