Advantedge has revealed that its variable rates on interest-only loans will increase by 35 basis points, effective Tuesday, 8 August 2017.
Also, from today, the interest rate on all new fixed rate interest-only home loans has increased by 0.35 per cent p.a.
These changes apply to both owner-occupier and residential investor home loans, across all of Advantedge’s white-label partners.
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.