The NAB-owned funder has increased rates on new fixed rate interest-only home loans and will hike all new and existing variable rate interest-only home loans from next month.
Advantedge announced that, as of today (13 July), the interest rate on all new fixed rate interest-only home loans will increase by 0.35 per cent per annum (p.a)
These changes apply to both owner-occupier and residential investor home loans, across all of Advantedge’s white-label partners.
As such, from Thursday (13 July), new fixed rate interest-only mortgages will start from 4.44 per cent for owner-occupiers and 4.86 per cent for investors (with a loan-to-value ratio of up to 80 per cent).
Further, from Tuesday, 8 August 2017, variable rates for new and existing interest-only mortgages will increase by 35 basis points.
Brett Halliwell, general manager of Advantedge, said these changes will ensure Advantedge complies with regulatory requirements, including managing interest-only lending for residential mortgages.
“Our products are highly competitive and delivered with exceptional service,” Mr Halliwell said.
“Advantedge is focused on ensuring a positive customer and broker experience, and we continue to offer highly competitive variable rate special offers for new principal and interest lending.”
Currently, Advantedge is offering a special 3.74 per cent p.a. principal and interest variable rate for new owner-occupier borrowers, and 4.24 per cent p.a. for new principal and interest investor borrowers. Eligibility criteria apply.
“We encourage all brokers to discuss with customers whether a principal and interest home loan may be more suitable for them,” Mr Halliwell said.
[Related: Virgin Money hikes IO and high LVR rates]
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