The white label sector of the mortgage market has been growing in recent times, and given the changes in pricing, and underwriting standards is one to watch. This is underscored by today’s news that Advantedge Financial Services has launched two variable rate special offers for new owner occupier and residential investor principal and interest loans as well as a simpler pricing structure for these products.
Advantedge is part of the National Australia Bank Group (NAB) and is a wholesale funder and distributor of white-label home loans.
They say white label loans are an alternative to major bank loans, designed to give customers the essential home loan features they need, at competitive rates. These white-label home loans are available through just over 85% of Australia’s mortgage brokers, and distributed under the brands of mortgage aggregators and mortgage managers. Those mortgage aggregators include PLAN Australia, FAST, Choice Aggregation Services, Australian Finance Group, Connective, Smartline, Astute, Loan Market and LJ Hooker Home Loans.
The new loans are:
- 3.74% per annum for new owner occupier P&I variable rate loans
- 4.24% per annum for new residential investor P&I variable rate loans
These rates will be available for mortgages with a minimum loan amount of $200,000 and a maximum LVR of 80%.
A simpler pricing structure for variable rate loans of $200,000 or more was also brought in today (31 May) across all loan purposes and repayment types.
General manager Brett Halliwell said “This new offer reflects Advantedge’s commitment to offering sharp rates that brokers can give to clients”
“Our white-label products are high quality and high value solutions and this new offer is yet another way Advantedge is proving its competitiveness to brokers.”
Advantedge will be further simplifying its pricing structure and rate cards to streamline the process for brokers, he added.