Major lender shaves home brand lending rates

by Mackenzie McCarty31 Oct 2012

NAB-owned Advantedge has augmented its aggressive home brand pitch with a reduction in variable rates starting from today.

The group will announce a three basis point reduction on ChoiceLend, FASTLend and PLAN Lending mortgage broker products, bringing its variable rate for loan applications up to 75% LVR down to 5.58%.

Loans between 75% and 90% LVR will attract a rate of 5.68%, with the new rates to apply only to deals submitted from 31 October, excluding those in the pipeline or already settled deals.

Advantedge general manager of distribution Brett Halliwell said the decision was made to sharpen the rate on its product range, in line with its vision of offering customers simple products with great rates.

"Our home brand lending products provide an attractive alternative to the big brands and inject competition into the market," Halliwell said.

Halliwell this week told Australian Broker that the products, which now feature among the top four on all of its constituent aggregator panels, were a boon for competition in Australia.

"Other aggregators have been saying that home brands have too big a share, but my view is that we are offering simple products that meet consumer needs, and brokers are choosing them," he said.

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Advantedge denies home brand conflict claims


  • by . 31/10/2012 10:53:21 AM

    Whatever way you look at it, it is just another NAB loan being sold under a different name. Still the big 4 market dominance!

  • by Country Broker 31/10/2012 11:06:02 AM

    This is good news for members of these aggregators , it give us a great alternative some post code restrictions apply but not too many.