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The wholesale funder has overhauled its offering in a bid to “simplify” its product and service proposition.
Advantedge Financial Services has announced that it will narrow its product offering as part of a new simplification strategy.
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From 25 May, Advantedge will cease lending to “non-core segments” – which include guarantors, trusts and companies – and will no longer service multi-construction loans and loans with six or more securities.
According to Advantedge general manager Adam Brown, the changes would enable the wholesale funder to funnel resources into servicing its key customer base.
“This will allow us to double-down and focus on the needs of majority of customers looking for owner-occupier and investment loans,” he said.
“We’ll also continue to focus on servicing PAYG and self-employed customers with loans for existing dwellings, refinances and single builds.”
Advantedge also announced that it will introduce a new rate card, with a simplified pricing structure, also effective 25 May. Under the new rate card, current special carded rates on loans with an LVR of less than 80 per cent will become the standard variable rates across all loan sizes.
Meanwhile, Advantedge is set to introduce a new digital broker declaration form, eSign in ApplyOnline and a Document Verification Service (DVS), which it said would remove the need for the 100-point ID form.
According to the wholesale funder, other changes will also be introduced in a “phased approach” over the coming months in an effort to “build on the digital end-to-end experience and improve the upfront validation and verification process”.
“We remain focused on making things simpler for the better, enabling brokers to do business with us easier and continuing to support them and their customers during these challenging times,” Mr Brown said.
“By continuing to evolve our end-to-end experience, we can provide quicker and more consistent broker and customer outcomes.”
Mr Brown added: “We’re responding with a simplified proposition, a more straightforward pricing model and seamless service through digitising our end-to-end home loan experience.
“The changes will ultimately enable brokers to build stronger relationships with their customers by offering a clearer proposition and more compelling service experience.”
[Related: BOQ tightens home lending policy]
