Myloan Elect
LATEST NEWS
Effective Tuesday 17 June 2025, variable rates are decreasing for new and existing lending by 0.25% p.a.
For example, interest rates for new lending with ≤80% LVR will be as follows:
For more important information on comparison rates, please refer to the ‘Important Information’ section below.
How we’re telling your customers
Customers with an existing variable rate home loan will receive a letter advising them of changes to their interest rate and repayments.
Pipeline applications – timing
The effective date of this change will be no earlier than Tuesday 17 June 2025 for in-flight applications, but will vary depending on the loan settlement date as follows:
- Loans settled before 5pm Tuesday 27 May 2025 will have variable rates decreased by 0.25% p.a. on Tuesday 17 June 2025
- Loans settled after 5pm Tuesday 27 May 2025 will receive their current contracted variable rates
- All variable rate loans formally approved and instructed on or after Tuesday 17 June 2025 will receive the rates on the updated rate card
Pipeline applications – reassessment
- AIP – to purchase a property
This can be in place for 90 days providing there is no credit critical change.
- Conditional Approval to refinance / cash out / consolidation etc
These loan applications must service at the rate of the date of the final loan assessment.
A full set of rates will be made available on our systems from Tuesday 17 June 2025.
InfoTrackID is our new provider for digital customer identity verifications
Starting from Monday 2 June, we will transition from using IDyou to InfoTrackID where digital customer identity verification (VOI and KYC) is completed. This change aims to enhance the security and efficiency of the verification process for both you and customers.
You will be able to verify a customer’s identity using one of the following methods:
- In-person verification of identity (unchanged from current process).
- InfoTrackID ‘In Person’ Report.
- InfoTrackID ‘Remote (Video Call)’ Report.
- Australia Post (no change).
Why we’re making this change
InfoTrackID includes three new in-built fraud mitigation measures:
- Facial biometrics is utilised in the video call to ensure a real person is performing InfoTrackID, preventing impersonation attempts.
- Optical Character Recognition (OCR) which pre-populates data fields.
- Document Verification System (DVS) to confirm authenticity of the ID by checking against the original record.
As a broker, you’ll also enjoy a smoother experience with new alerts when there’s an expired driver license or Australian passport over two years old. These improvements minimise errors and ensures we remain compliant – making your verification process faster, safer and simpler.
Note: Please give your customers a heads up that they will receive an email addressed from ‘National Australia Bank’, which will contain the link for them to access InfoTrackID.
Further Support
- From 2 June, any references to IDyou on Advantedge.com.au will be updated to ‘InfoTrackID’.
- The Advantedge Lending Guidelines Manual will replace references to IDyou with ‘InfoTrackID’ by mid-June (pages 5 & 29).
- The Advantedge Supporting Document Checklist will update IDyou references to ‘lender’s preferred ID verification application’ in July (page 1).
If you have any questions, you can contact the InfoTrack support team email address (HelpDesk@infotrack.com.au).
Alternatively, you can call their help desk on 1800 878 998 (IVR Option 1). They’re available from 8:00am – 5:00pm Monday to Friday (AEST) excluding public holidays.
Upcoming changes to expense classifications and HEM values
From Friday 23 May, our systems are being updated to now include Owner Occupied Body Corporate / Strata fees within Household Expenditure Measure (HEM) as a basic expense, rather than as a separate additional expense.
Please continue to capture the fees for primary residences to support the correct serviceability outcomes for your customers by following the below:
- Body Corp / Strata Fees: Decision tools will be updated so Owner Occupier Body Corporate / Strata Fees will be treated as a General Living Expense (GLEE). This is currently treated as an Additional Living Expense (HEM-add on).
Other expenses
Our systems (including decision tools) are being updated so ‘Other’ expenses will be treated as Additional Living Expenses (HEM add-on) – this is currently treated as a General Living Expense (GLEE).
What you need to do
- Please ensure any Body Corporate/Strata Fees for the owner-occupier property continue to be captured in the correct field, which is Body Corporate/Strata Fees.
- All Secondary Residence / Non-Principal place of residence (e.g. holiday homes) should be captured in ‘Other’.
- Please refer to the ‘pipeline applications’ in the section below.
Updated HEM values and serviceability calculator
We’re also updating the Household Expenditure Measure (HEM) values used in our home loan serviceability assessments, in line with our regular review process and to meet APRA requirements.
New serviceability calculator
The latest version of the Advantedge Serviceability Calculator (V53) will be available on your aggregator systems from Friday 23 May.
Pipeline applications
- For any new home lending submitted after 12:00am (AEST) on Friday 23 May 2025, please use v53 of the Serviceability Calculator.
- Click here for full details on how to treat pipeline applications.
A new ‘Floor Size’ field in PropertyHub
On Tuesday 13 May we added a new ‘Floor Size’ field in PropertyHub for valuation requests where the property is any Apartment property type.
What you need to do
Brokers will now need to enter the ‘Floor Size’ for these valuations. This will help prevent unnecessary delays by ensuring the correct ‘Service Type’ is automatically applied when you order the valuation.
There is no change to the way valuations are ordered in PropertyHub.
Check out the latest updates from MyLoan Elect below, including:
- EOFY settlement cut-off dates: Please take note of these important dates if you need to settle before the end of the financial year.
- Supporting customers experiencing financial difficulty: We’ve updated our website with more information on the support available for customers experiencing financial difficulty.
- Scheduled system maintenance: There will be a scheduled system outage on Saturday 17 May from 8am – 3pm (AEST).
Further Support
If you have any questions, please speak to your Business Development Manager.
End of financial year settlement cut-off dates
To ensure settlements are completed before the end of the financial year on Monday 30 June, please take note of the following cut-off dates.
Please note that while we aim to process as many applications as possible by the end of the financial year, these dates are a guide only. We encourage you to submit applications as soon as possible to help us meet customer expectations.
Construction payments
Construction payment requests must be received by MyLoan Elect by Thursday 19 June to ensure payment is made prior to June 30.
Supporting customers facing financial difficulty
We’ve updated the Advantedge website with a new ‘Financial Difficulty’ section which provides detailed information on the support available for customers experiencing financial difficulty.
This information can be found at www.advantedge.com.au/home/help and outlines a range of support services available both from Advantedge and external services.
Scheduled system maintenance
There will be a scheduled system outage on Saturday 17 May from 8:00am to 3:00pm (AEST).
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.
You can continue using LoanApp during this time to capture data, but will be unable to submit loan applications until systems are restored.
What this means for customers
During the outage period customers will be unable to access StarNet to check their account information or transfer funds.
There will be a banner on StarNet notifying customers of the outage.
