Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Advantedge updates credit policy

reviewing document ta reviewing document ta
Reporter 1 minute read

The white label funder has announced changes to its home lending policy to ensure that it “continues lending responsibly”.

NAB-owned wholesale funder Advantedge has announced changes to its home lending policy aimed at supporting customers in “achieving their home lending goals” and ensure that it continues “lending responsibly”.

Effective for new loans lodged from 16 September, Advantedge’s changes include:

  • Accepting granny flats and room rental as rental income, with rental income shading from holiday rentals also decreasing from 40 per cent to 20 per cent.
  • Requiring brokers to capture any expected costs associated with childcare for customers who are about to commence or are currently on parental leave.
  • Requiring brokers to provide “meaningful” details of a customer’s strategy on how they will service their loan during any leave period, and ensure it appears “reasonable” – the change applies in instances where a customer is on unpaid extended leave but will return to work and where their income is being used as part of a serviceability assessment.

Further, effective from Monday, 23 September, Advantedge will also extend the acceptable verification document period from 60 days to 90 days, making eligible all verification documents such as payslips and statements issued up to quarterly.

Documents that exceed the 90-day period will not be accepted, with the submission checklist to be updated to reflect the change.

Advertisement
Advertisement

[Related: Mutual bank updates serviceability calculator]

Advantedge updates credit policy
reviewing document ta
TheAdviser logo
reviewing document ta
more from the adviser
arrow growth increase ta Broker market share bounces back

The share of new loans originated by the broker channel has incre...

Scott McWilliam ta Lender CEO sees bright side of BID

The new best interests duty would provide lenders with a greater ...

BOQ new1 ta BOQ updates guarantor policy

The non-major has revised its guarantor policy in response to pro...

FROM THE WEB