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Brokers have lauded the latest variable rate cuts from Advantedge as the lender seeks to favour lower LVR lending.
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Speaking with The Adviser, general manager of distribution at Advantedge Brett Halliwell said the lender had received strong positive feedback.
“It’s a very competitive sector of the market; what brokers are telling us is it’s great to know what the rate is and offer the rate we’ve got to high value loans.
“Our whole model is about how do we have competitive pricing out in the market, and we tend to do that by passing on benefits that we get, so it’s easier and cheaper for us to fund low LVR loans because it takes up less capital.
“We return some of the benefits we see back to the consumer in the form of lower rates – so really everyone’s a winner.”
The new variable rates were introduced earlier this month and apply to loans greater than $500,000, with the lowest available rate of 4.73 per cent per annum available on business below 75 per cent LVR and from 4.80 per cent per annum on business above 75 per cent LVR.
“The introduction of this new price tier demonstrates we understand writing loans in excess of $500,000 is a competitive sector. We are supporting brokers that attract quality borrowers by providing them a quality, simple loan at a great rate,” Mr Halliwell said.
“Our decision to continually enhance our proposition is based on direct feedback from brokers about what their customers need.
“We are broker-centric and want to provide brokers under the Choice, PLAN and FAST aggregation platforms access to our attractively priced home-brand products that reward their high volume customers.”
