Brighten Lender Update

Brighten Interest Rate Decision

Last week, the Reserve Bank of Australia (RBA) raised the official cash rate by 0.25%. In response to the cash rate decision, Brighten home loan variable interest rates will increase accordingly by 0.25% p.a from the 9th of May 2022. 

For existing customers, the new home loan variable interest rates will take effect on the 10th of May 2022. A Notice Letter will be sent to customers via email. Customers will also be able to see their new interest rate in the Brighten Borrower Portal from this date.

Brighten encourages brokers to speak with them about how they can support you and your customers who are considering how repayments might change. 

Alt Doc – Brighten Boss®

Key product features of Brighten Boss® Prime (Alt Doc Prime)

• Variable rate from 3.14%p.a.^*(comparison rate 3.21%p.a.^#) up to 70%LVR
• Variable rate from 3.34%p.a.²(comparison rate 3.46%p.a.^#) up to 75%LVR
• Variable rate from 3.44%p.a.³(comparison rate 3.56%p.a.^#) up to 80%LVR
• $0 Risk Fee up to 70%LVR   
• Max. Loan Size $1.5m

100% Redraw Offset Facility available

Key product features of Brighten Boss®  (Alt Doc Near Prime)

• Variable rate from 4.04%p.a.⁴(comparison rate 4.16%p.a.^#) up to 70%LVR
• Variable rate from 4.54%p.a.⁵(comparison rate 4.71%p.a.^#) up to 80%LVR
• Min. 1 day GST registration 
• Max. Loan Size $2m

100% Redraw Offset Facility available

*Available for new Brighten Boss® Prime loans (OO P&I) ≤70%LVR. 2. Available for new Brighten Boss® Prime loans (OO P&I) ≤75%LVR. 3. Available for new Brighten Boss® Prime (OO P&I) loans ≤80%LVR. 4. Available for new Brighten Boss® loans (OO P&I) ≤70%LVR. 5. Available for new Brighten Boss® loans (OO P&I) ≤80%LVR. An additional 0.5% p.a. loading is applicable for loans >$1.5m. Fees, charges and Terms and Conditions apply. # The comparison rate is based on a secured loan of $150,000 and a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Full Doc – Brighten Empower

Key features of Brighten Empower Prime (Full Doc Prime)

• Variable rate from 2.54%p.a.^* (comparison rate 2.57%p.a.#) up to 70%LVR and $1.5m 
• Variable rate from 2.64%p.a.² (comparison rate 2.67%p.a.#) up to 75%LVR and $1.5m
• Max. LVR 95% (LMI applies)

100% Redraw Offset Facility available 

Key product features of Brighten Empower (Full Doc Near Prime)

• Variable rate from 3.63%p.a.³(comparison rate 3.72%p.a.^#) up to 70%LVR and $1.5m
• Max. Loan Size $2m
• Cat 1, 2 and 3 Locations accepted 
• Unlimited defaults up to $1,000 accepted (paid or unpaid)
• Unlimited defaults > $1,000, registered > 24 months (paid more than 12 months ago) accepted

100% Redraw Offset Facility available 

*Available for new Brighten Empower Prime (OO P&I) loans ≤70%LVR. 2. Available for new Brighten Empower Prime (OO P&I) loans ≤75%LVR. 3. Available for new Brighten Empower (OO P&I) loans ≤70%LVR. An additional 0.5% p.a. loading is applicable for loans >$1.5m. Fees, charges and Terms and Conditions apply. # The comparison rate is based on a secured loan of $150,000 and a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Full Doc/Alt Doc Construction – Brighten Easy Builder®

Key product features of Brighten Boss® Builder (Full Doc/Alt Doc Construction) 

• Interest Only from 4.13%p.a.^*(comparison rate 3.05%p.a.^#) during construction period. After construction, reverts to Brighten Empower Prime variable rate, currently from 2.54%p.a.^{^}(comparison rate 2.57%p.a.^#)
• Alt Doc option available with an interest rate loading from 2%p.a. 
• Max. Loan Size $1,500,000 (OO), $1,000,000 (Investment)
• Cat 1 and Cat 2 postcodes accepted
• A maximum of two residential dwellings on one title accepted

Please note: Any development component, by either industry or property use (e.g. best use/project funding) is not acceptable. Owner builders, split contracts, and vacant land are not acceptable. Default Rate applies if construction does not begin within 3 months of loan settlement or complete within 12 months of loan settlement.

*Available for Brighten Easy Builder® loans ≤80% LVR, during the construction period only. Default Rate applies if construction does not begin within 3 months of loan settlement or complete within 12 months of loan settlement. After construction is completed, reverts to Brighten Empower Prime Variable Rate.  ^Available for Brighten Empower Prime (OO P&I) loans ≤70%LVR. Fees, charges and Terms and Conditions apply. # The comparison rate is based on a secured loan of $150,000 and a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Non-Resident – Brighten Evergreen

Key product features of Brighten Evergreen (Non-Resident)

• Available to Non-Residents or Residents borrowers with non-Australian sourced income
• Variable rate from 4.13%p.a.^*(comparison rate 4.66%p.a.#) up to $1m and 65%LVR
• $0 Establishment Fee
• $0 Settlement Fee
• $0 Risk Fee up to $1.5m and 75%LVR
• Max. Loan Size $2m 
• Max. LVR 80% 

100% Redraw Offset Facility included for variable rate loans

*Available for new Brighten Evergreen (P&I) loans ≤$1m and 65% LVR. An additional 0.3% p.a. loading is applicable for all Self-employed loans. Fees, charges and Terms and Conditions apply. # The comparison rate is based on a secured loan of $150,000 and a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Non-Resident Construction – Brighten Easy Builder® – Non-Resident

Key product features of Brighten Easy Builder® – Non-Resident (Non-Resident Construction)

• Available to Non-Residents or Residents borrowers with non-Australian sourced income
• Ongoing rate from 4.13%p.a.^* (comparison Rate 4.90%p.a.#) up to 65%LVR
• $0 Settlement Fee
• Max. loan size $900,000
• Max. LVR 70%

100% Redraw Offset Facility included for variable rate loans 

*Available for Brighten Easy Builder® – Non-Resident (P&I) loans ≤65% LVR. An additional 0.3% p.a. loading is applicable for all Self-employed loans. Default Rate applies if construction does not begin within 3 months of loan settlement or complete within 12 months of loan settlement. Fees, charges and Terms and Conditions apply. # The comparison rate is based on a secured loan of $150,000 and a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

188B/C Investors – Brighten Premium

Key product features of Brighten Premium (Australian 188B/C or 888B/C visa holders)

• Variable rate from 3.13%p.a.^*(comparison rate 3.67%p.a.^#) up to 70%LVR and $2m  
• Variable rate from 3.63%p.a.²(comparison rate 4.16%p.a.^#) up to 80%LVR and $1.5m  
• $0 Application Fees  
• Accept Category 1 postcodes

Streamlined serviceability and document requirements 

* Available for new Brighten Premium loans (OO P&I) ≤70%LVR. 2. Available for new Brighten Premium loans (OO P&I) ≤80%LVR. Fees, charges and Terms and Conditions apply. # The comparison rate is based on a secured loan of $150,000 and a term of 25 years.WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

For any questions, please reach out to your BDM.