Quick Summary
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, Banks
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?
Pros
- First home buyers
- Investors
- Refinancing
- Offering lower interest rates if you have a large deposit
- Financing the construction of a duplex
- Working with mortgage brokers
- Construction loans
- Fast desktop valuations
- Works closely with mortgage brokers
- Lenders Mortgage Insurance (LMI) is competitively priced
- Home loan pre-approvals are fully assessed by a credit manager
- No minimum employment period for permanent applicants
Cons
- Complex loans that don't meet standard bank policy
- People with a bad credit history
- People who want branch access
- The mortgage manager sets the interest rate
- They don’t provide offset accounts
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.
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.
Advantedge Client Story
Sally & Mary, Vic
Goal
To buy their first home.
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.
Find out if you are qualified to apply with this lender
GET A FREE ASSESSMENTQuick tip when applying with this lender
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 is one of the few lenders who took the opportunity of faster and simpler loan processing by creating a 'Digital Home Loan Hub.'
Advantedge offers a convenient platform to verify your identification using IDyou or ZipID.
With MSA National, it also allows customers to receive loan documents via email and sign them digitally and submit it for verification. However, digital signatures for home loan documents are only accepted for some states and territories.