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A major bank-owned mortgage funder has today unveiled a range of pricing and policy changes following feedback from brokers.
Advantedge said that some of the changes to its credit policy make it easier for customers to provide brokers with verification for casual income, bonuses and self-employed income.
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Minimum employment periods are updated and construction loans are enhanced with an adjustment to the funds release schedule, and one less inspection is required during construction.
“The white-label broker sector is evolving, and brokers now want more than just a competitive price,” Advantedge general manager Brett Halliwell said.
“Advantedge is transforming to ensure we continually deliver superior product and service offerings to brokers and their customers.”
Advantedge has also withdrawn its Combo Fixed Rate Product for new applications, enhancing flexibility for customers who wish to take out a mix of fixed and variable rate lending. Customers can now fix any proportion of their overall lending and take advantage of the same competitive fixed rate.
The number of products appearing on aggregator software will reduce dramatically as a result of this change.
Advantedge has also made changes to its rates in conjunction with closing the Submission Quality Discount Program which was available to selected brokers.
The changes to rates are:
- Reducing one-year fixed rates by 0.10 per cent p.a. and five-year fixed rates by 0.20 per cent p.a.
- Increasing four-year fixed rates by 0.50 per cent p.a.
- Reducing all carded variable interest rates by 0.05 per cent p.a., in conjunction with removal of the Quality Discount Program.
Mr Halliwell explained that brokers have asked Advantedge to make things easier and more transparent, and to simplify its pricing structure.
“With these changes, brokers can confidently quote competitive carded rates to their customers,” he said.
"We’ve listened to our brokers, and these changes demonstrate our commitment to working closely with our broker and aggregator partners to help their customers meet their home ownership goals.”
“Advantedge is keen to grow its business, and we continue to accept all new applications for owner-occupier and investor lending, in line with our policies.”
