What is a Settlement Advance?
Similar to, but faster than a bridging loan, a settlement advance allows a home seller to get fast access their home's equity from a sale, without having to wait for the funds to be released from the bank, which may take weeks. A settlement advance can be a faster alternative to traditional bridging loans, when the funds are needed are needed in a hurry or urgently. Settlement advances can be paid as quickly as 24 hours or on the same day in some urgent cases.
See How it Works above to learn more.
Can bridging loans be processed on the same day I apply?
Generally no, they can't. A faster option is a settlement advance. Our settlement advances may be processes on the same day in emergencies, when documentation can be provided promtly. Once you complete the form above and give us a few details about your needs, we will call you straight back to guide you through the process, so you can get access to your fundfs on the same day or within 24 to 48 hours.
How long does the application take?
The application online can be completed in just 3 or 4 minutes for most people. We just need your contact details, some details about the property and the your advance requirements. After that, we'll call you straight back, during regular office hours to go over any questions you have and to clarify your requirements. If your advance is an emergency, where you need the funds fast, we will prioritiese your application, so you get access to funds asap.
How much can I borrow or advance?
The minimum settlement advance we offer is $5,000, while the maximum may go up to the value of your property, minus any fees - such as $1,000,000 or more - up to $5,000,000. If you are borrowing more than $500,000 with us, we can offer you lower VIP rates* for larger loan sizes.
How much will a settlement advance cost me?
This will depend on how much money that you choose to advance with us and on how long you need the advance for, before it is repaid to us. At Settlemet Advances (Realty Assist), we are very transparent with our costs and charges, and any costs will be clearly available in your contract when you agree and sign. See the Repayment Costs Chart above for some common examples of uses and costs.
How do settlement advances and bridging loans differ?
Settlement advances are often a much quicker option to bridging loans. Bridging loans can often take 2 or 3 weeks to be processed and funded. In some situations, such as bidding at an auction or putting down a deposit on a property, the funds are needed urgently and settlement advances provide a huge advantage over bridging loans, as they can be approved and paid out in 24 to 48 hours in most cases. Also see the Compare Settlement Advances to Bridging Loans chart above.
When do I have to repay my settlement advance?
Your settlement advance is set up to run for 60 days in the first instance, which is suitable in most situations. However it is possible to extend the loan term duration when needed, such as if there is a delay in selling your property or there is a delay in the settlement date.
What documents or details do you need from me?
In most cases, we will need to see the following documents and details to support your application with us:
- Contract of Sale - (if applicable) for the property you are selling or advancing against
- Mortgage Statement - PDF document issued by your mortgage provider
- Solicitor or Conveyancer - (if already arranged) their name, company and contact details
- Identity Verification - A clear, colour photo of the front and back of your Drivers Licence
These documents and details can be emailed directly to us at info@SettlementAdvances.com.au quoting your name and property address.
Can I get a same day bridging loan?
No, but there are alternatives which could provide the funds on the same day. Same day settlement advances, which are similar to bridging loans, are possible with us. When making your enquiry, please select that the funds are needed in 24 hours for us to fast track your application. We'll give you a call straight back, during regular working hours, we'll let you know what documents we need from you and confirm when we estimate your advance can be processed and funded to your bank account. Most applications with us are processed within 24 to 48 hours and sometimes sooner, on the same day, when needed in an emergency.
How can I speed up my application?
To help speed up your application, complete the short enquiry form above, which should only take 3 or 4 minutes, give us your advance details (make sure to select '24 hours'), contact details and property details straight away. We will give you a call back, so be ready to accept a phone call from us or give us a call directly to 1300 893 199, during office hours.
Will you run a credit check on my application?
No, that is not necessary. As the property you are selling or have sold provides security, we do not need to run a credit check on your application. However, we will need to see documentation to confirm the property sale or ownership.
Can I get a joint settlement advance?
If the property you are selling or have sold is in joint ownership, then yes, you can get a joint settlement advance.
Are bridging loans the best option?
Well, it really depends on your requirements and speed of funding needed. Bridging loans typically take 2 or 3 weeks to process and fund, while there are other options available. A good alternative to bridging loans, when the funding is needed faster, are settlement advances; funds can be made available within 24 to 48 hours in most cases.
Also see the Compare Settlement Advances to Bridging Loans chart above.
How long can I take out the settlement advance for?
Your settlement advance loan will be set up to run for 60 days, which gives most people plenty of time for their house settlement to complete and repay the advance to us. In some cases, this is not possible and so the advance terms can be extended in additional 30 day blocks or more.
What is the best way to finance a bid at auction, before my property settles?
If you have already sold your property and can't wait for the sale to complete at settlement, before you can access the funds, then a very fast option is a settlement advance. We can advance the funds needed in an emergency in 24 hours, sometimes on the same day, provided everything is in place.
How can I get a home deposit loan, before my current property settles?
If you have found a new property that you would like to own, and need to put down a deposit before your current property sale settles, then a settlement advance loan from us could be the answer. We could provide funds to cover the deposit, in as little as 24 hours and in some cases, in an emergency, we have provided the funding on the same day. Whether you need the funds for a home deposit, auction or outright purchase, SetlementAdvances.com.au could provide the funds, up to the value of your property1 which is pending settlement - Fast!
How can get a loan for home repairs, before I list my home for sale?
We can also help with advances on your upcoming home sale with our Vendor Paid Advestising (VPA) product. We can advance up to $30,000 for the purpose of home improvements and repairs to help fix up your property, so it gets seen in the best light. Improving your chances of a fast sale at the right price.
Can I get a loan to help with advertising costs to help sell my home?
Yes you could make use of our Vendor Paid Advertising (VPA) product. Simply complete the short application at the top of this page to get started. We could advance you up to $30,000 to assist with your property sale and marketing costs.