Recently, Bank of Queensland Limited (ASX: BOQ) offered a $15 million debt facility to Brighte which was successfully secured. Brighte is a platform which provides home energy products on credit basis. According to the BOQ Finance chief executive Adam McAnalen, there has been a significant increase in the number of Australian households which are planning to make their homes more energy efficient and sustainable.
Since October 2016, Brighte has approved 11,000 payment plans which amounted to $90 million. And from these plans, 94 percent are for home energy equipment which runs on renewable energy such as batteries and solar panels. The total securities of Brighte have now reached to $45 million after securing a $15 million debt facility with Bank of Queensland. While continuing on its emphasis on energy efficiency, Brighte is planning to expand its interest-free lending into associated areas such as air flooring and conditioning. According to the Brighte recent announcement, from 16 October 2018 Brighte’s $75 sign-up fee and varying monthly and fortnightly fees will be scrapped and instead, the homeowners will be charged a weekly fee of $1 as well as a late fee on tardy payments of $4.99 a time.
It is expected that Brighte’s sales will increase after this, as homeowners will not have to get personal loans to finance the improvements or to extend their mortgages. Brighte has also given assurance that although it is unregulated, the company is never going to lend money to a homeowner which the company believes will not be able to pay back.
BOQ’s share traded at $10.790 with a market capitalization of circa $4.28 billion as on 3 October 2018(AEST 12:25 PM).
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