The NAB-owned funder has today announced it will increase the interest rate on all new and existing variable rate interest only home loans.
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.