flagFounded: Challenger was acquired by NAB in 2009 and renamed as Advantedge.
businessOwned by: NAB
monetization_onFunded by: Retail deposits and wholesale capital markets through NAB
securityLMI Provider: Genworth and QBE
account_balanceLender type: Wholesale funder, bank owned
Advantedge Financial Services is a wholesale funder for mortgage managers, so as a borrower you’ll probably see someone else’s brand on your statements and when you login to internet banking. Behind the scenes, it’s Advantedge managing your loan and it’s NAB that’s actually supplying the funds.
Who do they fund? It’s more a matter of who don’t they fund!
AFG Home Loans (AFG Home Loans Edge), FAST Lend, Choice Lend, Connective Home Loans (Connective Essentials), Homeloans Ltd, AFM, National Mortgage Company, UBank, Australian Mortgage Options and Resi Home Loans are all funded by Advantedge. That’s right Ubank home loans are actually Advantedge with a new logo on them!
They’ve changed their names several times from Interstar to Challenger and finally to Advantedge when they were purchased by NAB.
How do Advantedge’s home loans compare?
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Coronavirus / COVID-19: Advantedge home loan policy changes
Currently due to the impact of COVID-19, Advantage does not lend to the “Non-Core Segment” which includes guarantors, trusts, and companies.
They will no longer be handling multi-construction loans and loans of six or more securities.
Please note that this may change from time to time so please check with us before applying for up to date information.
Coronavirus / COVID-19: Advantedge mortgage relief
Advantedge is offering its home loan customers affected by COVID-19, a home loan repayment pause for up to six months with a three month check-in for a review.
You can apply for a repayment pause by using their online service.
Alternatively, customers who are ahead of their repayments can:
- Redraw the available redraw balance available. Access to redraw will be revoked for customers during the repayment pause, so please withdraw or transfer these funds from your home loan into your savings or transaction account before requesting the repayment pause.
- Reduce their monthly repayments to the minimum amount.
If a repayment pause is not the right option for you, you can contact their Customer Support Team on 1300 155 426 from Monday to Friday, 8:00AM to 6:00PM (AEDT) or email Advantedge.email@example.com.
What home loans types do they have?
Advantedge has a range of home loans all marketed under different names. This includes a basic, deluxe, line of credit, fixed rate and introductory rate loan as well as some low doc options.
Tips for applying with Advantedge
Did you know that different brands have different interest rates?
Advantedge has a business delivery rate available to mortgage managers off which mortgage managers may set the interest rate for a particular loan. Interest rates will vary from mortgage manager to mortgage manager due to their discretion.
So if you want to get a loan with Advantedge then it pays to shop around!
Use Advantage Home Loan Checklist to prepare for your home loan application.
Advantedge client story: Mary, Vic
- To buy their first home.
Mary and Richard were in the market to buy their first home and put a deposit down on an off the plan property. Unfortunately, they were knocked back for a home loan by their bank.
Although they were borrowing at 95% LVR and buying an off the plan property, it was actually their living expenses and debt level compared to their income (serviceability) that was preventing the couple from getting approved.
One of our senior mortgage brokers was able to carefully assess their situation and ran the young couple’s living expenses with a number of lenders’ serviceability calculators.
Mary and her husband actually failed a few of the calculators but just barely.
Luckily, our broker was able to run a calculation through Advantedge’s living expenses calculator, which is more flexible than many other lenders.
Advantedge also offered a free upfront valuation and, once that was undertaken, Mary’s home loan was formally approved without much hassle at all! This is a case where lender choice turned into a customer win.
Compare Advantedge to other lenders
Not sure which lender is right for you? Our Home Loan Experts can help!
Talk to one of our mortgage brokers by calling us on 1300 889 743 or complete our free assessment form.