Retirees are embracing their ‘next adventure’ and buying before they sell

Retirees Sue and Ralf were facing a scenario many older Australians are familiar with. With too many stairs, a sprawling garden, as well as a pool and jetty to take care of, the couple wanted to simplify their lifestyle and avoid the costs and hassle of upkeeping a large family home that no longer suits their needs.

As avid travellers, Sue and Ralf wanted to make time for what matters most to them by moving into a lower-maintenance property they could grow old in.

After a long search to find a property, the pair found their dream retirement home. The catch? The property had already been taken, meaning they’d have to wait until another home in the same complex came up.

But luck was on their side when they received an unexpected call a week later saying the original buyer had pulled out. If they could act quickly, the home would be theirs.

With the help of their mortgage broker, Sue and Ralf opted to apply for a single security bridging loan from Bridgit. With the ability to buy first and sell later, this loan was a perfect fit and alleviated the pressure of having to sell fast.

Plus, the downsizers weren’t held back by having no source of income, with Bridgit instead assessing their loan on property equity and asset position and providing conditional approval within 24 hours.

Within a few months, their original home sold for much more than they were hoping for, growing 3x in value after holding the property for over 13 years. This successful sale put the couple in a great financial position, able to funnel their capital gains into their superannuation fund, too.

Now, the pair are taking advantage of their new lifestyle and progressing to their ‘next adventure’ by preparing for an upcoming Europe trip—knowing their dream home will be ready and waiting upon their return.

Ready to support your clients for decades to come?

As a broker, being able to offer the right loan products to your clients is key to your success. While many borrowers will be looking for standard, 30-year mortgages, many homeowners will be better served with specialised loan products, like bridging loans.

Expanding the suite of products you can offer not only enables you to grow your client base but also allows you to boost the lifetime value of your existing clients.

“In the industry, a broker’s client is often referred to as a ‘client for life’, but this ‘lifetime’ only lasts as long as a loan (more often than not, this is a 30-year home loan). But why does the relationship need to end here? Bridgit offers a way for brokers to tap into their existing loan book, support their clients and help them progress throughout their entire property journey and not just the life of a standard home loan,” explains Stephen Doyle, Head of Distribution at Bridgit.

For brokers interested in partnering with Bridgit, visit their dedicated partnerships page to explore the opportunities and benefits of a partnership or schedule a call with their team to learn more.

Prefer a chat? Contact your state Bridgit BDM:

Nik

North NSW / QLD

0483 959 388

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Candice

South NSW / ACT

0483 903 088

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Michael

VIC / SA / TAS / WA

0482 071 272

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