Wholesale funder Advantedge has reduced rates by up to 23 basis points on interest-only investor and owner occupier loans available under the brands of its private label aggregation partners.
The rate reduction was made effective on Saturday 5 March, and comes as Advantedge restructures its pricing by loan purpose (investor and owner occupied) and repayment type (principal & interest and interest only).
Under the new structure, owner occupier interest-only variable rates will be reduced by up to 0.23%, owner occupier interest-only fixed rates will be cut by 0.09% and investor interest-only variable rates will be reduced by up to 0.03%.
Brett Halliwell, general manager of Advantedge, says the new structure enables Advantedge to provide greater flexibility and choice for brokers and its aggregator partners.
“We are a nimble business and remain committed to developing competitive products for our aggregator and broker partners.
“Through our new pricing structure, Advantedge is empowered to be more flexible, and can deliver products tailored to specific loan segments.”
In addition, the wholesale funder has also announced its plans to work closely with brokers to improve submission standards.
“We want brokers to help us help them, to provide a better experience for their customers. If we receive top quality submissions we can in turn deliver top quality service, convenience and more consistent turnaround times,” Halliwell said.
"I enjoy receiving broker feedback that our Operations team has delighted by delivering an unconditional approval on first touch, often within 16 working hours. We want more brokers to experience this kind of service, more often.”
According to Halliwell, this will involve asking brokers to complete a few simple steps before hitting "submit" on their application lodgements.
“If brokers can assist us by following a few simple submission requirements, we’re confident we can dramatically increase our rate of first touch unconditional approval responses - which is really the ultimate in broker and customer experience.”