Advantedge hikes white label mortgage rates
Interest rates on tens of thousands of existing white label home loans funded through National Australia Bank's Advantedge subsidiary are set to rise, according to notifications sent to mortgage aggregator groups.Advantedge, the largest funder of home loans marketed through aggregator brands such as AFG, Connective, PLAN and Astute, told brokers on Wednesday that it was hiking rates by 15 basis points on standard variable mortgages.Other white label funders, including Pepper Home Loans, are also expected to adjust their rates later this month, Banking Day has learned.Advantedge's rate increase will automatically apply to all new loan applications received since 13 March.The rate applying to existing owner-occupier borrowers will rise to at least 3.94 per cent on 15 April if the loan to value ratio is below 80 per cent.For owner-occupier loans with LVRs above 80 per cent the rate will increase to at least 4.21 per cent.Advantedge is also lowering some fixed rate mortgages, including a 16 bps reduction to all two year fixed rate products marketed to owner-occupiers and investors.General manager Brett Halliwell told Banking Day that his company was one of only a handful of lenders not to have hiked mortgage rates in the last two years."We have not increased rates since August 2017, however just like other lenders we have been impacted by sustained elevated funding cost pressures," he said."Despite this change, our interest rates remain highly competitive and we encourage our customers to get in touch with us to discuss their home loan needs."