TechLend offering bridging loan pre-approval within the hour
Specialist lender TechLend is now offering home buyers pre-approved bridging loans within one hour.
The non-bank lender uses its proprietary technology, which leverages property data and values to offer bridging loans quickly, to offer conditional approvals in 'record time'.
This move is 'certain' to reduce much of the stress of buying a property.
TechLend chief executive Aaron Bassin said borrowers fill out the five-minute online application, and the lender's technology runs an eligibility calculation for 'instant' conditional approval.
"You could literally apply for pre-approval on bridging finance on your way to a house inspection or auction and be able to bid with certainty once you get the green light from us," Mr Bassin said.
"Buying a house is stressful enough. Getting certainty around financing a bridging loan is now one part of the process that consumers don’t have to worry about."
Mr Bassin said TechLend's products cater to a wide range of customers, from self-employed people to retirees looking to downsize.
"Our technology is constantly evolving and growing and utilising this, we are committed to providing homeowners with innovative solutions to what is an outdated system," he said.
According to TechLend, its product takes the pressure off downsizers and people that struggle to release liquidity due to the 'archaic' and 'largely manual' systems used by major banks.
The specialist lender recently announced it hit $100 million in bridging loans after only launching a few months ago, demonstrating an 'unprecedented demand' for its products.
TechLend offers its customers interest-free, paperless bridging loans with pre-approval within the hour, allowing homebuyers to buy a new home before selling their existing one.
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Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.94% p.a. | 5.98% p.a. | $2,978 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.89% p.a. | 5.80% p.a. | $2,962 | Principal & Interest | Variable | $0 | $0 | 80% |
| Promoted | Disclosure | ||||||||||
5.99% p.a. | 6.02% p.a. | $2,995 | Principal & Interest | Fixed | $0 | $0 | 60% |
| Promoted | Disclosure | ||||||||||
5.93% p.a. | 5.93% p.a. | $2,975 | Principal & Interest | Variable | $0 | $395 | 70% | Disclosure |
