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White-label funder releases new variable rates

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Lucy Dean 3 minute read

A white-label loans distributor has announced "special" variable rates for brokers and a "simplified" pricing structure, following feedback from the third-party channel.

Advantedge announced "special" variable rates for owner-occupier and residential investor principal and interest loans with a maximum loan-to-value ratio (LVR) of 80 per cent and a minimum loan amount of $200,000.

As of yesterday (31 May), brokers can offer new owner-occupier clients an interest rate of 3.74 per cent per annum (p.a.) on principal and interest (P&I) variable rate loans.

New residential investor clients pursuing variable rate P&I loans can now be offered a rate of 4.24 per cent p.a.

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The wholesale funder also announced changes designed to simplify its loan pricing structure: variable rate home loans of at least $200,000 will now be priced consistently across all loans, regardless of loan purpose or repayment method.

Brett Halliwell, general manager of Advantedge, commented that the changes reflect broker feedback.

He said: “[T]his new offer is yet another way Advantedge is proving its competitiveness to brokers... We pride ourselves on listening to broker feedback, and implementing changes to make it easier for brokers to do business with us.

“We are further simplifying our pricing structure and rate cards to make things easier for brokers. This, along with our two new special rate offers, will enable better broker outcomes and more effective customer conversations."

[Related: Aggregator limits LVR in light of APRA directive]

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