The redesigned product gives customers 12-months to sell their existing property, while also expanding postcode eligibility, lowering fees, and offering greater flexibility in how borrowing capacity is assessed.
Chief Commercial Officer Marie Mortimer said the changes reflected Firstmac's approach to product development: listening to brokers, understanding what customers need and responding with practical solutions.
"Our brokers are closest to the customer, so their feedback has been an important part of how we've redesigned this product," Ms Mortimer said.
"We’ve listened to what brokers are seeing in the market and made practical changes that give them greater flexibility to solve more customer scenarios and ultimately deliver better outcomes."
Ms Mortimer said the longer bridging period was particularly important when customers needed more time to sell their existing home.
"Buying a new home and selling your existing one rarely happens at exactly the same time. When properties take longer to sell, that timing gap can become even more difficult for homeowners to manage.
“Bridging finance should take some of that pressure away, not add to it. Giving customers 12 months to sell means they have greater flexibility to secure their next home without feeling they have to rush the sale of their current one.”
Other enhancements include expanded eligibility to Category 2 postcodes, a reduced establishment fee, cash-out options and a competitive fixed interest rate.
The product’s attractive features also include the ability to assess serviceability based on the end debt rather than the peak debt, where applicable, which potentially makes bridging finance accessible to more borrowers.
Customers can capitalise interest and make no repayments during the bridging period, helping them manage their cash flow while waiting for their existing property to sell.
“We've also invested in practical tools that help brokers structure bridging loans with greater confidence, giving them a clearer picture of their customers' financial position both during and after the bridging period,” Ms Mortimer said.
To support brokers, Firstmac provides a dedicated Bridging Tool to help structure loan scenarios and calculate end debt, alongside a Bridging Servicing Calculator to assess borrowing capacity.