Non-bank introduces longer loan terms and higher lending limits
Specialist non-bank lender Bridgit has announced that it will now offer bridging loans with a maximum term of 24 months, up from 12 months previously, and has increased its loan ceiling from $8 million to $10 million.
The changes are intended to provide greater flexibility for property investors, renovators, buyers of house and land packages, and purchasers of high-value or regional properties.
The updated product suite enables investors to access equity in existing properties for longer periods, accommodating extended sale timelines or tax planning needs. Recent data from the Australian Prudential Regulation Authority (APRA) indicates that investor lending volumes have surpassed those of owner-occupiers for the first time since 2019.
Homeowners planning renovations can now use equity to fund non-structural improvements, such as kitchen or bathroom upgrades, before selling or moving in. Buyers of house and land packages are able to secure new properties without needing to sell their current home first. Those dealing with longer settlement periods, particularly in regional or high-value markets, may also benefit from the extended loan term.
For mortgage brokers, the revised terms and higher loan limit expand the potential client base and may result in increased deal flow. Bridgit has also introduced trail commissions for the first time, allowing brokers to receive ongoing payments for 24-month loan terms in addition to existing upfront commissions.
“Extending our maximum loan term to 24 months and increasing our loan limit to $10 million is another example of how Bridgit is creating more access to bridging finance and creating new ways homeowners can utilise their property equity,” said Aaron Bassin (pictured top), chief executive and co-founder of Bridgit. “These changes will allow more Australians to access the equity in their properties and give them more flexibility and freedom for their next move.”
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