Brighten is pleased to announce more than 15 policy enhancements designed to improve serviceability, streamline paperwork, and offer greater flexibility for both brokers and customers. These changes reflect our commitment to providing you and your customers with effective solutions in the continually evolving market environment.
Resident Policy Changes
Reduced servicing buffer:
- New loans: 2% above the applicable rate.
- Alternate Servicing for Refinance*: 1% above the applicable rate
*Conditions to qualify: a) Max of $25k cash out; b) Min of 12 months for the facility being refinanced; c) No adverse credit events or debts being refinanced for the last 12 months; d) No adverse listings for the last 24 months; and e) Max 80% LVR.
Rental allowance increased to 90%
Streamlined Self-Employed Income Verification:
1) 100% of Company Wages Accepted (only available to loans 80%LVR)
This option can be used if the applicant(s) is paying themselves a regular salary or director wages for the last 6 months:
- 2 consecutive payslips;
- 6 months bank statements or ATO Income Statements noting YTD income declared; AND
- An Accountant’s Letter confirming that the company has sufficient profits to meet its business commitments and that the business has traded profitably for the last two years
2) Removed the requirement for BAS when the 1-Year financials provided are more than 6 months old.
Streamlined PAYG Income Verification:
Removed the requirement for 3 months’ bank statements
A Certificate of Balance is now accepted as proof of Funds to Complete.
Non-Resident Policy Changes
Reduced servicing buffer:
- New loans: 2% above the applicable rate.
- Refinance: The Non-Resident ‘Easy Refinance’ criteria remain unchanged.
Additional PAYG income verification option:
- 2 consecutive payslips; AND
- 3 months bank statement
Australian Trusts are now accepted as one of the acceptable borrower types.
The validity of offshore credit reports has been extended to 90 days from the date of Formal Approval.
For Off-The-Plan purchases with contracts older than 12 months, higher valuations up to the original contract price are accepted.
Bankruptcy/Part IX criteria expanded to allow consideration 2 years after discharge
Product Changes
Category 2 locations are now accepted for all Non-Resident products, i.e., Brighten Evergreen & Brighten Easy Builder- Non-Resident loans 60% LVR.
Increased LVR, loan size, and expanded location for Brighten Evergreen:
- Max $2.5m for loans 65% LVR in Sydney & Melbourne metropolitan areas
- Max $1.5m for loans 70% LVR and $1m for loans 65% LVR in Gold Coast metropolitan areas
- Max 75% LVR for High Density Apartment Units
Risk Fee adjusted for Brighten Elevate loans >70% LVR to 0.5%.
For more information, please download the updated Product Guide, Rate Card and Niche List.
*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.
