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Advantedge Home Loans Review

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Home Loan Experts’ Review:
three star4out of5stars

Founded: Challenger was acquired by NAB in 2009 and renamed as Advantedge.

Owned by: NAB

Funded by: Retail deposits and wholesale capital markets through NAB

LMI provider: Genworth and QBE

Lender 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!

Pacific Mortgage Group, AFG Home Loans, FAST lend, Choice Home Loans, Connective Home Loans, Homeloans Ltd, AFM, National Mortgage Company, UBank, Australian Mortgage Options, BMC and Resi Home Loans are all funded by Advantedge. That’s right Ubank home loans are actually just 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?

They’re great at

But they’ve got some drawbacks…

  • Complex loans that don’t meet standard bank policy
  • People with a bad credit history
  • People who want branch access
  • Their smaller brands may hike interest rates after your loan is advanced

Our award-winning brokers get tough loans approved

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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 wholesale pricing with Advantedge?

In other words if one mortgage manager has a high volume and quality with Advantedge then they’ll negotiate a lower wholesale delivery rate. They may also choose to vary their commission which in turn changes your rate as a borrower.

So if you want to get a loan with Advantedge then it pays to shop around!

In addition to this, each brand that work with Advantedge can set their own pricing. There isn’t much to stop them from offering a low rate to get you to go with them and then to put up the rate later on. This “bait and switch” behaviour is quite common which is why we monitor our customer’s rates to make sure they know when to refinance.

Advantedge client story: Mary, Vic

Goal

Situation

First home buyer, off the plan property, borrowing 95% of the property value (LVR).

Background

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.

Solution

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.

  • Elen

    I had a few bad credit records lodged in my credit file many years back and I’m not sure if they are still there. What’s the easiest way to check?

  • Hey Elen,

    You can get your hands on a copy of your credit file to check your credit history by simply writing to Veda Advantage. You’ll get a free copy within 14 days by doing this. You can also apply on Veda’s website to get it right away though this will cost a fee. If you’re a customer of ours then you can just email us and we’ll send you a copy of your credit file and suggest credit repair if helpful.