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?

They’re great at

But they’ve got some drawbacks…


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!


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.

  • Arya

    I’m not sure if I qualify for the FHOG, I would very much like to use it as part of my home loan deposit. Do I need to speak to one of your brokers to find out if I qualify?

  • Hi Arya,
    You can simply try out our FHOG calculator to find out if you’re eligible for the grant. The instructions as well as additional tips and info are on the page itself and you can check it out here:
    https://www.homeloanexperts.com.au/mortgage-calculators/first-home-owners-grant-calculator/

  • Tiny

    Is going for the lowest rate home loan the best option or do I need to consider anything else also?

  • Hey there,
    Although home loan interest rates are important, you also need to consider the cost of the mortgage. The cost of LMI varies between lenders so even if a lender may offer a lower interest rate, they may have a higher LMI. You can use the LMI calculator to see how LMI and interest rates vary among different lenders:
    https://www.homeloanexperts.com.au/lenders-mortgage-insurance/lmi-calculator/

  • Han

    Hi, Advantedge is one of the few banks I’ve found that are good with financing the construction of dual occupancy properties. Why are the banks a bit conservative when it comes to these types of properties?

  • Hi Han
    Duplexes and dual occupancy loans are considered to be a higher risk by most lenders because fewer people want to buy two houses on a single block of land. This means that if you can’t repay your loan the bank will take longer to sell the property or may end up selling for a lower price. Because of this, they tend to limit the percentage of the value of the property that you can borrow (known as the LVR) to protect themselves.

  • Mia K

    A close friend of mine applied with Advantedge but they declined her home loan application twice. All she had was a couple credit enquiries and a small unpaid default. She had a bad experience so he recommended me not to seek them out. However, I’m interested in them because I see they are great with first home buyers actually. How should I make a choice of lender?

  • Hey Mia.
    Advantedge are indeed great with first home buyers but if you have a bad credit history, like your friend did, you can find it difficult with them. Your lender choice should be based on your goals and how the close lenders are at helping you achieve them. We can’t give you any financial advice but we can help you with a narrowed down list of recommended lenders after we assess your personal situation and loan needs. Please feel free to contact us if you’d like to discuss.