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The major brokerage has partnered with Bridgit to offer a new white label bridging loan.
Major brokerage Aussie has partnered with bridging finance specialist Bridgit to launch a new white label lending product aimed at meeting rising customer demand for bridging finance.
Aussie Bridge – powered by Bridgit – is a bridging loan with terms of up to 12 months and no monthly repayments during the available loan term.
Developed in partnership with non-bank lender Bridgit, the lending product is available nationally for both owner-occupiers and investors.
Borrowers can receive conditional approval for loans within 24 hours and, in most cases, do not have to provide income verification.
Aussie said the bridging loans will offer flexibility for downsizers and are suitable for consumers buying a new home before selling their current one.
The loans will also help home buyers looking to invest in property without waiting on settlement and let property sellers access equity for presale cosmetic improvements, Aussie said.
Commenting on the new product, Lendi Group chief product officer Travis Tyler said: “With limited housing stock, competitive auctions and potentially high costs for rushing and getting it wrong, it has never been harder for homeowners to upgrade or downsize.
“Aussie Bridge will remove much of this friction and stress from the property journey, and we know the market need is there. It will enable customers to unlock the equity in their current home, avoid the stress of overlapping settlements, and secure their next property.
“As our proposition evolves from a mortgage broker to an integrated property ecosystem, we need to bring Australians on that journey and show them that we’re in their corner in new ways. Aussie Bridge is another way for our brokers to do this.”
Aaron Bassin, CEO and co-founder of Bridgit, said: “We are proud to partner with Aussie to launch Aussie Bridge, giving more Australians the confidence and opportunity to buy now, sell later.
“This partnership marks an important step in expanding access to fast, flexible bridging finance. Our proprietary technology means Aussie brokers and their customers can now take advantage of instant deal workshopping and approvals in less than 24 hours.
“With rates expected to drop and buyer demand set to intensify, Aussie Bridge equips homeowners with the speed and certainty they need to unlock the equity in their home and make progress through property with confidence.”
Bridgit has been rapidly expanding its white label agreements with aggregators recently, having partnered with aggregator Finsure Group to launch a white label offering earlier this year (Finsure Loans Bridge), and Connective to fund Connective Bridge last year.
It comes amid a growing trend of aggregation groups building out their own lending arms, whether through white label agreements or by directly raising the money.
The partnerships have helped accelerate the lender’s growth in the past year, with Bridgit reporting a 375 per cent increase in broker applications for the start of its latest financial year (volume of broker applications in July and August 2024 versus July and August 2023).
A new chief commercial officer and three additional business development managers were recently appointed at the non-bank following significant growth.
[Related: Aussie pivots to become ‘fully integrated property ecosystem’]
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