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Brighten is pleased to advise that they have removed the $250,000 cash out limit for all Prime products. They now accept unlimited cash out up to 80% LVR for all Brighten home loan products.
Note: For Full Doc prime loans from 80%-90% LVR, cash out is restricted to 20% of the security value. The maximum amount of cash out for business use is $500,000. Development purposes are not accepted.
Brighten’s Cash Out Policy remains as follows:
| Amount | Supporting Verification |
| <$50,000 | Applicants are to provide a detailed breakdown of the use of cash out. |
| >$50,000 to $500,000 | Applicants are to provide a fully completed ‘Purpose of Loan Funds Declaration Form’ containing a detailed breakdown of the use of cash out. |
| >$500,000 | Applicants are to provide a fully completed ‘Purpose of Loan Funds Declaration Form’ containing a detailed breakdown of the use of cash out PLUS documentary evidence i.e. quotes, investment prospectus etc. must be provided and where practical, controlled disbursement should be considered. |
(Note: Where the Credit Assessor deems appropriate, the cash out may be required to be controlled or additional documentation may be required regardless of cash out amount. All cash out must be disbursed into an Australian bank account in all applicants’ names.)
Terms and conditions apply.
If you have any questions, refer to your YBR BDM.