Brighten Home Loans introduces new product for expats and Aussies returning home

Publication Date: Wednesday, 24 August 2022
This article originally appeared in Australian Broker

Non-bank lender Brighten Home Loans has rolled out a new home loan product, called Brighten Elevate, to cater to the rising demand from brokers with expat customers who are seeking residential lending solutions.

This as the number of long-term non-residents returning to Australia had a staggering 116% increase year-on-year over the last 12 months to June 2022.

“Brighten Elevate is designed for Australian citizens or permanent residents with acceptable foreign currency income, as well as eligible Australian temporary residents with income in AUD or an acceptable foreign currency,” said Natalie Sheehan, Brighten head of distribution. “These customers include executives moving back to Australia, new migrant families of young professionals, and expats working overseas but want to purchase an investment property here, or perhaps even a home to reside in when they visit Australia. We are also seeing an increase in demand from expat Australians for investment properties due to Australia’s relatively stable economic performance in comparison to global markets.”

Sheehan said Brighten Elevate will appeal to borrowers who are looking for a low-entry-cost home loan. Not only does the product feature a competitive interest rate, a maximum LVR of 80%, and a maximum borrowing amount of $2 million, it is also currently offering a $0 risk fee up to 70% LVR for borrowings up to $1.5 million.

Sheehan highlighted the importance for brokers to choose the right product and lender for their expat customers to avoid delays in gaining approval.

“Expat borrowers may have a more complex financial profile, having both Australian and overseas-sourced income and debts,” she said. “It is important for brokers to work with lenders who understand this unique customer segment. Brighten has the advantage of being a market leader in the non-resident lending space which gives it the ability and the experience to quickly and accurately verify serviceability and provide better service to our partners and their customers. Brighten offers fully assessed pre-approvals and fast turnaround times from receipt of a fully completed and eligible application to conditional approval. Our goal is to continue to deliver fast and competitive lending solutions for our brokers and our customers.”