New non-bank lender offering BNPL for home loans
New non-bank lender TechLend is offering home buyers interest free bridging loans with same day pre-approval, which it’s likening to buy now pay, later of home loans.
Bridging loans are similar to home loans, but they are short-term loans designed to cover the cost of buying and later selling homes. These loans usually have higher interest rates and are usually available for 6 to 12 month terms.
TechLend was founded by finance expert Aaron Bassin and mortgage broker Nick Jacobs after they became frustrated with the traditional process and limitations of home loans. The company specialises in bridging loans and offers same day paperless pre-approval to their customers.
“By providing affordable bridging loans to Australians, we are disrupting traditional lending to bring borrowers better outcomes, and take the stress out of buying a new property,” said Bassin.
Property and home buyers can use TechLend bridging loans of up to $3 million for up to six months, with no repayments required until the property sells. The disruptive non-bank lender also provides commercial property loans for loan periods of up to 24 months.
“Techlend provides a pathway to the great Australian dream with same day turnaround and greater accessibility in a market that is in desperate need of innovation and disruption,” said Jacobs.
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
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