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Brighten has fast-tracked the national rollout of its new Brighten Life® and Brighten Life® Plus reverse mortgage products following the completion of a successful broker pilot.
The non-bank lender said it received strong demand for the product during the three-month trial, prompting its continued expansion across aggregator panels.
Eligible home owners aged 55 and over can access home equity through flexible facilities with no regular monthly repayments and progressive drawdown structures.
Borrowers can access a maximum loan amount of $3,000,000 under Brighten Life® and up to $5,000,000 under Brighten Life® Plus, depending on their location category, with higher loan amounts considered on a case-by-case basis.
Brighten Life® carries a variable interest rate of 8.6 per cent, while Brighten Life® Plus is priced at 9.05 per cent, with a 0.5 per cent per annum loading for Category 4 locations.
Jason Azzopardi, Brighten CEO, said strong support from experienced reverse mortgage brokers indicated the level of demand for these products in the market.
“Many of our pilot brokers have specialised in this market for years. They are not only looking for competitive products; they want a lender that understands the sector, their customers and the importance of providing clarity, consistency and better service,” he said.
“The feedback so far has been overwhelmingly positive. We have invested heavily in building a knowledgeable and dedicated team that is passionate about supporting brokers and customers. Our focus remains on being easy to deal with at every stage of the process, and that is what we believe makes Brighten a lender of choice.”
Growing demand
Brighten noted the launch came as Australia’s reverse mortgage market continued to present significant opportunity, citing Deloitte’s recent Australian Reverse Mortgage Survey that showed Australians aged 60 and over have more than $3 trillion in home equity.
Last year, the lender appointed Sharon Yardley to lead its work in the space as head of reverse mortgage, as reported by Broker Daily sister brand The Adviser.
Under her leadership, the lender has established a dedicated reverse mortgage team.
“With Brighten, brokers deal directly with a specialist team that understands the demographic, the credit nuances of the product and how these loans are used day to day,” she said.
“That support continues beyond settlement, including through a flexible drawdown process. The combination of simplicity, speed, broker education, service and competitive pricing is what brokers are telling us they really want.”
Yardley also noted the growing number of “asset rich but cash poor” older Australians, with many retirees who have accumulated significant home equity but possess limited liquid assets.
The preference to age in the family home is another key factor.
“For many older Australians, the family home is their largest asset. Reverse mortgages can provide a practical way to access that equity while continuing to live in the home and community they know,” Yardley said.
“We see a tremendous opportunity to support brokers and customers in this space. With strong broker momentum from the pilot, a dedicated specialist team ready to go and a clear focus on service, Brighten is well placed to become a leading provider in the Australian reverse mortgage market.”
[Related: Brighten launches new range of SMSF loans]
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