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Cut-off dates for settlements and valuations over the festive season 

It’s important you’re aware of the critical cut-off dates, operating hours and key contacts to help ensure we achieve the best settlement outcomes for you and your customers.

End of year settlement cut-off dates
To ensure settlements are completed, please note the following dates:

  • Files submitted to assessment by Wednesday 1 December 2021
  • Unconditional approval achieved by Tuesday 7 December 2021
  • Customer documents signed and returned to MSA by Tuesday 14 December 2021.


Valuations

All Progress and Final Progress inspections should be submitted no later than close of business Friday 17 December 2021 to ensure these can be completed before the scheduled shutdown period.
From close of business Thursday 23 December 2021 to Friday 7 January 2022 the following valuation types will stop, and will be completed by NABValuations from Monday 10 January 2022:

  • Construction (Progress and Final progress)
  • Rural and
  • Commercial

Note: Our external panel will continue to provide Residential valuation services during this period.


Document execution
We’re expecting an increase in the amount of settlements throughout December, which is why it’s important you continue to focus on submitting correctly executed documents.

In the lead up to settlement make sure that:

  • All forms are completed in full and signatures are in the correct places
  • Witnesses have provided a full address, including state and postcode for states that have that as a requirement
  • The Certificate of Currency is attached and is for the correct amount
  • Documents are returned at least 10 business days prior to settlement – noting that for 30-day settlements it must be at least 5 business days prior.

Remember, receiving and executing home loan documents via MSA’s DocuSign is the easiest and fastest way to complete the document acceptance process.


Setting expectations and being proactive

  • A PEXA invitation needs to be sent by the solicitor at least 10 business days prior to settlement, including the Transfer of Land created
  • Ensure funds are in the correct customer account at least two business days before settlement


Customer Care operating hours
The best way for you to get the support you need is to contact our Customer Care team. The team can be contacted on 1300 300 989 and will be operating as normal during the festive season except on national public holidays when they will be closed:

  • Monday 27 December 2021
  • Tuesday 28 December 2021
  • Monday 3 January 2022

November policy changes

We’re making changes to our policies to make it easier to do business with us and improve your customers’ experience. 

For more information on credit policy, please refer to the Credit Guidelines Booklet available on your Aggregator CRM.

Scheduled system maintenance 26 November and 28 November 

As part of our ongoing program of work to maintain our systems and help you deliver the best outcomes for your customers, there will be scheduled system outages on Friday 26 November from 9:00pm to 10:00pm and Sunday 28 November from 12:00am to 10:00am.

What this means for you
During the outage you'll still be able to submit applications via ApplyOnline, however you won’t receive a credit decision or reference number until systems are restored.
 
What this means for your customers
During the outage period customers will be:

  • unable to access StarNet to check their account information or transfer funds, however StarCall will still be available
  • limited to a withdrawal or purchase amount of $200 via ATM or EFTPOS during the outage period.
There will be a banner on StarNet notifying customers of the outage. 

We apologise for any inconvenience this may cause.




24 November, 2021

New fields in lodgement systems 
We’re making some changes around customer identification to further strengthen our controls and meet our regulatory obligations.

As part of these changes, new fields will appear in the Applicants tab in ApplyOnline and the Current Situation tab in LoanApp to capture the following information:

  • Applicant's countries of Citizenship/s (to be completed if applicant has more than one citizenship)
  • Applicant's other names (previous legal name/s)
  • Source of Funds (only to be completed where the applicant is not an Australian citizen and has a non-income generating occupation)

What you need to do

To complete these new fields, you’ll need to ask your customers some additional questions.  

Note: there’s no requirement for you to upload additional documentation.
 
The new fields will appear in ApplyOnline by Tuesday 23 November and LoanApp on Tuesday 30 November.

If you have any questions about this change, please get in touch with your BDM.


Update to required construction documents

To make things more secure for you and your customers, we’re making a change to our document checklist for construction loans.

What’s changing?
From Monday 22 November we’ll request the following additional document for the processing of progress payments.

  • Builder's account details for payments – as a PDF document on the builder's official letterhead. Note: this must be a separate document to the builder's invoice.

When the document checklist email is sent to brokers, we’ll be asking for this additional document that contains the builder's account details to be sent directly from the builder to the Advantedge Construction team inbox: advantedge.construction@advantedge.com.au

By requesting this additional document, we’ll be able to proceed with payments when we receive them preventing the need for outbound verification calls to builders and any delays associated with not being able to make contact. 

We’ll continue to contact builders and customers directly for validation of any changes on future invoices.




16 November, 2021

Effective Tuesday 16 November 2021, Go Edge is reducing its Owner Occupier Principal & Interest variable rates and increasing our fixed interest rates.

Variable rates are reducing for new lending Owner Occupier Principal & Interest ≤70% LVR at 2.09% p.a.
Owner Occupier Principal & Interest ≤80% LVR at 2.19% p.a.
Fixed rates for Owner Occupier and Investor are increasing across all terms, LVR tiers and repayment types.

A full set of rates are available here and on our systems from Tuesday 16 November 2021.

Variable rates for new lending effective Tuesday 16 November 2021

For more important information on comparison rates, please refer to ‘Important Information’ section below.

Pipeline applications

  • Variable rate loans formally approved and instructed on or after Tuesday 16 November 2021 will receive the new rate on the updated rate card.
  • Variable rate loans formally approved and instructed before Tuesday 16 November 2021 will receive the rate on the rate card applicable at the time the loan was formally approved and instructed.


Fixed rates1 for ≤80% LVR new lending effective Tuesday 16 November 2021


Note: 80.01-90% LVR fixed rates will be set 10bps above new ≤80% rates, and >90% LVR rates (where applicable) set 20bps above 80-90% LVR rates. For more important information on comparison rates, please refer to ‘Important Information’ section below.


Eligibility applies to:

  • New fixed rate home loans.
  • Existing customers who wish to take advantage of the new fixed rate to fix all or a portion of their existing variable rate loan, will also be able to access the new rate from Tuesday 16 November 2021.
  • The above fixed rate changes do not impact existing fixed rate loans.

Lock Rate
The actual fixed rate that will apply will be the effective fixed rate as at the time of settlement unless the customer takes out Lock Rate. Lock Rate can give your customers fixed-rate certainty for 90 days from the date the application is submitted. A Lock Rate fee of $395 applies where the Lock Rate option is requested. For more details, please refer to the Lock Rate Authority Form.

Pipeline applications for new fixed interest rate home loans

  • The fixed interest rate that will apply to pipeline applications will be the fixed rate at the time of settlement, except where Lock Rate applies.
  • If Lock Rate applies, the fixed interest rate that will apply is the fixed rate as at the date the application with Lock Rate Authority Form was lodged.

Existing customers & changes to home loans

  • Customers who make a request to switch from a variable to a fixed rate, or to re-fix their rate before Tuesday 16 November 2021 will receive the rate that applied at the time we receive the Fixed Rate Authority form.
  • For clarity, any requests switching from a variable to a fixed rate or to re-fix a rate on or after Tuesday 16 November 2021 will receive the new fixed rates.


Don’t forget the benefits of choosing Go Edge

  • A digital end-to-end service experience to support you with efficient lodgement and processing of your applications.
  • Direct access to credit managers, with optimal turnaround times for quality applications.
  • A simpler product offering.
  • Customer Net Promoter Score (NPS) +32 and Broker NPS +63 in Advantedge Broker and Customer Satisfaction Surveys June 2021*.

Important information:

1 Fixed rate loans may be subject to significant break costs.  Interest rates, fees and charges are subject to change. Fees and charges apply to all Advantedge products. Refer to the Fees and Charges Booklet on your aggregator’s software for full details. Fees and charges are current and may be introduced or varied in accordance with loan terms.

2 Comparison rates are based on a secured loan of $150,000 over a term of 25 years.



22 October, 2021

Scheduled system maintenance Sunday 24 October


As part of our ongoing program of work to maintain our systems and help you deliver the best outcomes for your customers, there will be a scheduled system outage on Sunday 24 October 2021 from 12:00am to 10:00am.


What this means for you

During the outage you'll still be able to submit applications via ApplyOnline, however you won’t receive a credit decision or reference number until systems are restored.


What this means for your customers

During the outage period customers will be:

  • unable to access StarNet to check their account information or transfer funds, however StarCall will still be available
  • limited to a withdrawal or purchase amount of $200 via ATM or EFTPOS during the outage period.

There will be a banner on StarNet notifying customers of the outage.

We apologise for any inconvenience this may cause.





20 October, 2021 


Affordability Buffer Rate increase 

The Australian Prudential Regulation Authority (APRA) recently announced an increase in the minimum interest rate buffer it expects banks to use when assessing home loan applications.
The current minimum interest rate buffer used by banks to assess a borrower’s ability to meet their home loan repayments is commonly 2.50% p.a. above the loan product rate. APRA’s updated guidance now requires this to be 3.00% p.a. above the loan product rate on Monday 1 November 2021.

APRA has made this decision to address concerns they have with the current residential mortgage lending environment of very low interest rates and rapidly increasing housing prices. They’ve also highlighted their concern about household debt levels which, relative to income, are high.

What’s changing?

To align with APRA’s updated advice, on Monday 1 November 2021, Advantedge will be changing its home loan Affordability Interest Rate Buffer to 3.00% p.a. From this date, the higher of the affordability floor rate (4.95% p.a.) or the borrower interest rate plus the new interest rate buffer (3.00% p.a.) will be used in the assessment of Advantedge applications.

Key dates and application milestones

  • Applications assessed and approved by 11:59pm on Sunday 31 October 2021: the current Affordability Interest Rate Buffer of 2.50% p.a. will be used.
  • Applications assessed and approved on or after Monday 1 November 2021: the new Affordability Interest Rate Buffer of 3.00% p.a. will be used.

Important: applications must meet all minimum standards to ensure they can be assessed and approved by end of day on 31 October 2021.

Pipeline management

Applications requiring reprocessing after 12:00am on 1 November 2021 with variances identified between the verified information and the system information will be reassessed using the new Affordability Interest Rate Buffer of 3.00% p.a.

Updated serviceability calculators

To assist you in assessing any impacts to customers in your pipeline, an updated serviceability calculator has been sent to your Aggregator.
 

Updated COVID-19 Commentary Form 

From Monday 25 October 2021, please use the updated New Application COVID-19 Commentary Form available on your Aggregator’s CRM system.

We’ve removed outdated payment support references and added a new question for self-employed applicants around their future financial position: ‘Is the applicant’s future financial position/performance likely to materially deteriorate compared with the income documents or financial statements provided?'.

Note: There are no changes to policies or processes regarding this form or COVID-19 at this time.





14 October, 2021 

Effective Thursday 14 October 2021, Go Edge is introducing new variable rates for ≤70% LVR Owner Occupier Principal & Interest, Investor Principal & Interest, and Investor Interest Only – new lending only!


Introduction of ≤70% LVR variable rates for new lending.

  • Owner Occupier Principal & Interest at 2.24% p.a.
  • Investor Principal & Interest at 2.39% p.a.
  • Investor Interest Only at 2.79% p.a.
  • Full set of rates available here and on systems from Thursday 14 October 2021


Variable rates ≤70% LVR for new lending effective Thursday 14 October 2021.

Pipeline applications

  • Variable rate loans formally approved and instructed on or after Thursday 14 October 2021 will receive the new rate on the updated rate card.
  • Variable rate loans formally approved and instructed before Thursday 14 October 2021 will receive the rate on the rate card applicable at the time the loan was formally approved and instructed.


Don’t forget the benefits of choosing Go Edge.

  • A digital end-to-end service experience to support you with efficient lodgement and processing of your applications.
  • Direct access to credit managers, with optimal turnaround times for quality applications.
  • A simpler product offering.
  • Customer Net Promoter Score (NPS) +32 and Broker NPS +63 in Advantedge Broker and Customer Satisfaction Surveys June 2021*.


If you have any questions, please contact your Go Edge Business Development Manager.




1 October, 2021 


Credit policy update

We’re simplifying our policies to continue supporting your customers in their home ownership journey.

The following policy updates regarding verification requirements for financial statements are effective from Friday 1 October 2021.

Note: The existing COVID-19 self-employed process remains in place, and the collection of 2019/2020 or 2020/2021 financial statements is still required.

For lending over $1,000,000, the maximum age of the most recent financial statements is being extended from 18 months to 21 months, which means 2019/2020 financials are acceptable until March 2022.

The financial information required to assess self-employed customers will also be simplified.

  • Customer prepared financial statements are acceptable for the most recent year, where accompanied by accountant prepared financial statements for the year prior and they no longer need to be executed by the director.
  • Accountant prepared financial statements (which includes profit and loss statement and balance sheet) are the preferred financials.
    • Tax returns are not required for trading entities.
    • Tax returns remain acceptable for small trading entities (such as sole traders and partnerships) who do not have accountant prepared financial statements, or for non-trading entities.
  • Where financial statements are not received electronically from the customer, the requirement to obtain written confirmation from the customer acknowledging that "the financial statements are a true account of financial position for the period covered" has been removed.


Condition cards in Lodgement Systems will be updated in the next technology update.


PEXA lodgement and settlement availability

Public holidays will impact settlement availability on Monday 4 October 2021. If a customer requests a settlement on a public holiday it will be rescheduled to the next available day.

The following impacts will apply on Monday 4 October 2021:

South Australia and Queensland

  • Financial Settlement and lodgement are unavailable

Western Australia

  • Financial Settlements are available until 1pm AWST
  • Lodgement is available

New South Wales and Victoria

  • Financial Settlements are available until 4pm AEST
  • Lodgement is available




29 September, 2021 


Design and Distribution Obligations: supporting better customer outcomes

From Tuesday 5 October 2021, we need to comply with Design and Distribution Obligations (DDO), a new industry wide regulation that applies to how we design, market, and sell our products.

DDO creates a fundamental shift in how products are distributed and require issuers to design products that are consistent with the likely objectives, financial situation and needs of the class of consumer for whom they are intended.

The obligation requires issuers and distributers to distribute products to customers who are inside the target market and shifts the responsibility for the buying of products from a ‘buyer beware’ to a ‘seller beware’ approach.

It’s expected that Brokers will have the advantage of a legislative carve out from taking reasonable steps, however, brokers will still have an important role to play in ensuring the appropriate distribution of products to the intended class of customer. This will be achieved through their compliance with Best Interests Duty.

These obligations will apply to all retail and small business consumers.


Compliance for brokers

From Tuesday 5 October, products under DDO will have clearly defined target markets. This information is documented in a Target Market Determination document (TMD).

The TMD shows that as part of our product design and distribution, we clearly establish: 

  • The class of customers this product has been designed for
  • Specify product distribution conditions
  • Specify TMD review periods and triggers and
  • Set out reporting requirements

You’ll still have an important role to play in ensuring your customers are getting the products that are best for their needs, goals, and financial objectives.

This means you’ll need to align your customer needs to the Target Market Determinations (TMD) of the products your customers select. You’ll need to review the individual TMD for each product, even if the products form a package.

You’ll soon be able to review Advantedge product TMDs to compliment Best Interests Duty obligations, to ensure that your customers fall within the target market.

You can review Advantedge TMDs here from Friday 1 October.


What’s changing?

Complaints Reporting

From Tuesday 5 October, you’ll also be required to comply with DDO reporting requirements.

This means you’ll need to provide complaints reporting about Advantedge products, and any other information requested by Advantedge (such as product related feedback).

Complaints related to risks, key terms, conditions or features of products include: 

  • The number of complaints,
  • The nature and circumstances of the complaints; and
  • Whether or not there has been or is likely to be consumer harm or detriment, and if so, the nature of the harm or detriment.


Please follow the standard complaints process to advise Advantedge of product related complaints and/ or any significant dealings by emailing: complaints@advantedge.com.au

Note: Please ensure you also follow the reporting timeframes outlined in the TMD.

If you haven’t passed your complaint regarding an Advantedge product to your Aggregator in the first instance, you’re required to provide the information in writing as soon as possible, or within 10 business days after the reporting period unless otherwise specified. 

The complaints reporting period begins from 1 October – 31 December. Complaints are to be emailed to Advantedge no later than 10 business days after 1 January annually.  

Note: you should also continue to report customer related complaints following the standard complaints process.


Significant dealings

If a distributor becomes aware of a significant dealing; in the product or the distributor conduct, that is not consistent with the target market determination, they must notify the issuer in writing as soon as practicable, and in any event within 10 business days after becoming aware.


Other information requested by Advantedge

We may request in writing information which may enable Advantedge to meet its legal and compliance obligations. Advantedge will provide 30 days’ notice to Brokers.


Summary: what you need to do

  • From Tuesday 5 October, you’ll need to comply with DDO obligations by reviewing Advantedge product TMDs in conjunction with Best Interests Duty obligations, to ensure that your customers fall within the target market.
  • From Tuesday 5 October please follow the standard complaints process to advise Advantedge of product related complaints and/ or any significant dealings, ensuring that you adhere to the reporting timeframes outlined above and in the TMD by e-mailing complaints@advantedge.com.au


For more information please see the FAQs.




24 September, 2021

COVID-19 payment treatment: As COVID-19 continues to impact customers, we’re providing clarity … (read more)


ApplyOnline update: We’re continuing to update AOL to improve the broker and customer experience … (read more)


Order progress and final progress inspections in PropertyHub: We’re making it even easier to self-serve your customers … (read more)


Scheduled system maintenance: We’re maintaining our systems on Sunday 26 September from 12.00am to 10.00am … (read more)






14 September, 2021

Improved repricing process for existing loans


To improve your customers’ experience and to reduce processing times, we’ve streamlined the repricing process for existing loans. 

From 13 September 2021, please send repricing requests directly to the Customer Care team to action (email: advantedge.customercare@advantedge.com.au).


By doing this, we’ve reduced the amount of touch points in the process so your customers will get their rate reviewed and processed even faster.

Please email advantedge.customercare@advantedge.com.au and include your customer's:

  • full name,
  • loan ID, and
  • requested rate.


Note: From 13 September 2021, we’ll no longer accept repricing requests sent to home.loan.consultants@advantedge.com.au




4 August, 2021 


We’re here to support our customers

COVID-19 continues to impact businesses and customers across the country. We know it’s a tough time for many and want to remind you that we’re here and ready to support those who need it.

For customers impacted by COVID-19, there are a number of measures available to support them, including payment deferrals.

What should you tell customers who need help?

  • Customers can contact our Customer Support team on 1300 155 426 (Monday to Friday, 8am-6pm AEDT/AEST)


Further support

Don’t forget there’s support for you too. You can call our employee counselling service – MyCoach. Please call 1300 360 364 to find out more.


Update: Serviceability calculator V40

Don’t forget to use Version 40 of the Serviceability calculator.

Last week we made updates to cater for recent HEM updates, along with making it easier to input self-employed income.

Please ensure you’re using the updated version (Version 40) of the serviceability calculator available on your aggregator CRM.

More information is available on the Instructions tab.


IDyou WEB 2.0 – delivering user improvements

MSA have launched a new and improved IDyou WEB 2.0 which will replace the existing app version from Monday 2 August.

You can continue to view and finalise inflight Verification of Identity (VOI) reports in the existing app, and you’ll be able to view these in IDyou WEB 2.0 when they’re completed.

You must start new VOI report requests in IDyou WEB 2.0 from today. You can access the updated version via this link on any device using your existing username and password.

Rather than collecting ID to the ARNECC standard, we’ve made it simpler and easier for you to verify customers ID. When starting a new VOI under VOI rules, select Advantedge, this will enable you to collect just one valid photographic ID which reflects the customers full legal name, date of birth or address. We will accept one of the following if it’s valid, clear, and legible:

  • Drivers Licence
  • Passport
  • Government issued Proof of age/photo card.

For more information on ID collection standard and discrepancy management, please refer to the Credit Guidelines Booklet.

You can access user instructions here and watch this video showcasing the new and innovative features.

Tip: For the best experience, use Safari for Apple/iOS devices and Chrome on all other devices. For those that enjoy using an app, click here for instructions on how to set up IDyou WEB 2.0 to appear as an app.

If you need further support, please email IDyouSupport@msanational.com.au


Scheduled system maintenance Sunday 1 August, Wednesday 4 August and Friday 6 August.

As part of our ongoing program of work to maintain our systems and help you deliver the best outcomes for your customers, there will be scheduled system outages on the following dates:

Sunday 1 August from 2:35am to 5:35am and Wednesday 4 August from 12:00am to 1:00am.

  • What this means for your customers: During these times, customers will be unable to access StarNet to check their account information or transfer funds, however StarCall will still be available. No further impacts.


Friday 6 August from 8:00pm to Saturday 7 August at 11:00am

  • What this means for you: During the outage you'll still be able to submit applications via ApplyOnline, however you won’t receive a credit decision or reference number until systems are restored.


  • What this means for your customers: During the outage period, customers will be: 
    • unable to access StarNet to check their account information or transfer funds, however StarCall will still be available
    • limited to a withdrawal or purchase amount of $200 per day via ATM or EFTPOS. There will be a banner on StarNet notifying customers of the outage. 

We apologise for any inconvenience this may cause.