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A major bank-owned mortgage funder has cut its variable rates for owner-occupiers to below 4 per cent and revealed a range of new product and pricing enhancements.
Advantedge has strengthened its white-label offer with a variable rate of 3.99 per cent for qualifying owner-occupier home loans. The new rate is available on PLAN Lending, ChoiceLend and FASTLend products as well as Advantedge white-label partnership brands.
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The move will see Advantedge’s lowest available variable rate fall to 3.99 per cent for owner-occupier principal and interest loans with an LVR of 80 per cent or less and a loan value of $200,000 or more, effective immediately.
Brett Halliwell, general manager of Advantedge Distribution, said the reduction reinforced Advantedge’s commitment to equipping brokers with the best possible tools to support their flourishing owner-occupier customer base.
“We are committed to delivering market-leading products to the broker channel, and will continue to innovate and produce highly competitive white-label products for our broker partners,” Mr Halliwell said.
“This highly attractive rate provides brokers with a fantastic opportunity to support more owner-occupier customers to fulfill their home ownership aspirations.”
The announcement is part of a range of white-label product and pricing enhancements from the funder.
Advantedge has also more than halved its annual fee to $120, simplified its interest rate options and reduced rates on new variable rate loans between $200,000 and $500,000 – across all LVR tiers.
“We’ve listened to broker feedback and refined our offering to make us more competitive and even easier to do business with,” Mr Halliwell said.
Meanwhile, Advantedge has withdrawn from the low-doc lending space and scrapped its foreign investor offering.
“We pulled alt-doc and foreign investment lending from the market about a week ago,” Mr Halliwell told The Adviser.
“It was a very significant part of our book a number of years ago and now it has dwindled to not very much at all,” he said. “Brokers tend to perceive low-doc as something for the specialist lenders. They don’t see a low-doc product as something for a prime, mainstream lender.”
Advantedge has also pulled its mortgage product for non-residents, which Mr Halliwell says was part of the group’s efforts to streamline its product suite.
“If you don’t have those things it removes clutter and helps broker clarity in terms of who we are and what we stand for,” he said.
[Related: NAB and Advantedge unveil new investor lending policies]
