Want to get up to speed on reverse mortgages? Brighten is running a webinar designed to walk brokers through the product, how it works, how to handle common concerns and misconceptions, and answer your questions live.
Led by:
Sharon Yardley – Head of Reverse Mortgages
Nicholas Taylor – Reverse Mortgage Manager
📅 30 April 2026
🕛 12:00 PM
REGISTER HERE
This is a great one for brokers wanting to diversify their offering and better support older clients.
✨ Brighten Reverse Mortgage – Quick Snapshot
Brighten’s new Reverse Mortgage products, Life and Life Plus, are designed for Australians aged 55 and over who want to unlock equity in their home while continuing to live in it — with no mandatory monthly repayments.
🔑 Key Features
- Available for borrowers aged 55+
- Suitable for purchase, refinance and equity release
- Brighten Life Plus offers loan amounts up to $5 million in Category 1 and 2 postcodes
- Can be used for debt consolidation, including ATO debt
- Interest compounds over time, with no required monthly repayments
💰 Equity Release Can Be Used For
- Home improvements
- Ongoing income support
- Car purchase or maintenance
- Medical costs
- Travel and holidays
- In-home or residential aged care
- Gifts
🏦 Drawdown Flexibility
Funds can be accessed:
- as one lump sum upfront, or
- held in an available drawdown sub-account for future needs
A handy feature here is that:
- interest is not charged on undrawn funds
- interest is only charged on the outstanding loan balance
🔵 AMP Bank
Policy updates effective from 25 March 2026
1️⃣ High LVR & LMI Zones
AMP has increased maximum LVRs to:
- Up to 95% LVR (inclusive of capitalised LMI) for Principal & Interest
- Up to 90% LVR (inclusive of capitalised LMI) for Interest Only
What’s New
- Available to new and existing customers
- Higher LVR lending will attract risk-based pricing
- No change to Construction or Land loan LVRs
2️⃣ Cash Out Policy
AMP has removed cash out tiering.
What this means:
- Up to $500,000 cash out
- Allowed up to 90% LVR
- No supporting evidence required within policy parameters
3️⃣ Deposit Funds Simplified
The old 3-month genuine savings history requirement has been removed.
What’s changed:
- No fixed 3-month accumulation period required
- Assessment now focuses on:
- ownership of funds
- clear, acceptable and verified source of funds
- Deposit funds must still be held in the customer’s name
- No change to funds to complete requirements
Important to note:
- Evidence of funds is still required, particularly where LVR is above 85%
- Gifts and windfalls remain acceptable with the right declarations
- Funds sourced from loans must still be included in servicing and DTI assessments
4️⃣ Rental Verification
If an AVM is unavailable, AMP now accepts:
- Tax Returns, or
- Contract of Sale
as alternative verification documents.
🟠 Suncorp Bank
Effective 27 March 2026
Fixed Rate Requirement Reminder
It is now a mandatory requirement to discuss and explain the Guaranteed Rate Fee (GRF) with the customer whenever a Fixed Rate product is selected.
A good little compliance reminder here — not glamorous, but definitely one to keep front of mind.
🟢 Great Southern Bank
Effective 27 March 2026
Pre-Approval Servicing Reminder
Applications moving from pre-approval to full approval will be reassessed using the interest rate applicable at full approval.
Why this matters:
- Borrowing capacity may change between pre-approval and full approval
- A previously workable deal may no longer service under the updated rate at formal approval
Definitely worth managing expectations with clients early so nobody gets an unpleasant little surprise later.
☕ Final Wrap-Up
A few handy updates to keep in your back pocket this fortnight , from AMP’s higher LVR and simplified deposit policy, to Suncorp’s GRF reminder, Great Southern’s servicing watchout, and Brighten’s new reverse mortgage option for borrowers aged 55 and over.
Not the loudest week of lender changes… but definitely the kind of updates that matter in real files, with real clients, and real assessor questions.
Wishing everyone a safe and happy Easter break with your families 🐣💐 Enjoy the pause, eat the chocolate, and I’ll see you all in a fortnight.
