Brighte interest-free payments

Brighte provides an interest-free platform for home energy installations and home improvements. If you’ve wanted to install solar panels or a new air conditioner but haven’t had the money to get these products for your home outright, you can consider Brighte.

Find out more about the platform in this review.

How does Brighte work?

First, sign up online on the Brighte website. Once approved, you can access a variety of Brighte-approved vendors to buy products from interest-free. The vendors that are available through Brighte cover a range of household needs, such as solar panels, roofing and flooring.

Brighte offers different levels of finance, depending on the selected vendor. Interest-free options typically range from $1,000 to $30,000 for homeowners. Small businesses can apply for higher levels of interest-free funding. For bigger renovations, both parties can look into vendors offering Brighte Green Loans.

Features of shopping with Brighte

Brighte offers a range of features, including:

• Credit details are secure. Brighte works with Visa and Mastercard and has invested in the latest credit card technologies in order to keep your personal details safe.
• Access to a variety of vendors. Once you’ve been confirmed as a Brighte shopper, you have access to a variety of vendors.
• Fast approval process. The online application and approval process is very quick and automated to ensure you get a response as quickly as possible.
• 0% interest payment plan amounts. Brighte offers interest-free payment plans for environmentally friendly purchases from $1,000 - $30,000 for homeowners and up to $38,000 for small business owners.
• Varying repayment terms. As Brighte has a variety of vendors to choose from, the repayment terms for each service you get through Brighte will have different repayment terms, but on average, terms range from 6 months - 5 years.It is important you check what they are before choosing a vendor.
• Increasing credit. Your credit limit increases once you’ve gone through a successful Brighte payment and are happy with the service that you’ve purchased. The next time you want to use Brighte for your home improvement needs, the amount you’re able to borrow will increase, since Brighte now know you’re able to meet the repayment terms on time and without any issues.
• High maximum finance limit. Brighte will finance up to $75,000 on terms of 5 years with selected vendors. This does not apply to all Brighte vendors and lending criteria applies.
• Repay early. While you cannot currently make additional repayments online, you can do so via the BrightePay app, or by phone.

How much will this cost?

There are a few fees that are associated with Brighte. These include:

• Establishment fee. $250 establishment fee is required upfront.
• Accounting keeping fee. There is an account keeping fee of $1 per week, or $4 per month.
• Late payment fee. A $4.99 late payment fee (which may be charged by Brighte if you are unable to make a payment). Late fees are capped at $49.90 per calendar year.
• Annual fee. A $55 annual fee is deducted on the anniversary of the payment plan annually.

It’s important to keep these fees in mind before signing up with an account from Brighte. There is no interest added to the repayments and no fees will be deducted until the work is completed on your property.

How to sign up with Brighte

Signing up with Brighte is simple. Seek out a vendor that has been approved by Brighte and then choose Brighte as the payment method for the service. You then complete a BrightePay application and submit it to Brighte, who will approve you for the amount of the goods or services if you meet its lending criteria. The eligibility criteria include that you:

• Are a homeowner (own outright or are currently purchasing a home)
• Are aged over 18
• Have valid ID (driver's licence preferred)
• Are an Australian permanent resident
• Have a bank account in your name
• Are employed or self-employed and are working more than 30 hours per week OR
• Are a self-funded retiree or pensioner receiving the aged pension or returned servicemen pension
• Have a good credit history

Once you’ve been approved, you pay the vendor a deposit if required and then wait for the installation of the services. Brighte will send an email or text to confirm you’ve received what you've purchased, settle your account with the vendor and then take out repayments on a fortnightly basis. Once you’ve paid off the amount you owe, you are able to use Brighte again with ease.