Myloan Elect
LATEST NEWS
CoreLogic is rebranding to Cotality
From Tuesday 1 July, CoreLogic will rebrand to Cotality.
What’s changing
You’ll see their new name, logo, colours, and messaging across their website, products, and communications to align with the new brand. All core products and services remain the same.
No changes to the MyLoan Elect valuation process
There is no change to the valuation process and your login credentials, account settings, and data will remain as they are today.
Note: The website and email domains used will be updated to reflect the new Cotality brand. For more information visit the Cotality FAQ.
Government fee changes effective 1 July 2025
From Tuesday 1 July, the State Land Title Offices will increase the Government fees associated with lending.
These costs must be disclosed to the customer and collected by us on behalf of the Government.
Registration fees increase every year and MyLoan Elect will ensure that all systems, calculators and the documents issued to borrowers are updated to reflect the new figures from 1 July 2025.
What you need to do
Please keep this in mind when having conversations with your customers.
Scheduled system maintenance
There will be a system outage on Friday 4 July from 8:00pm to 10:00pm (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.
Important update: Elect products will be discontinued from 30 September 2025
After careful consideration, the NAB Group has made the decision to close the Advantedge business, which fund the MyLoan Elect product.
In light of this decision, we wanted to ensure you had all the relevant information and give you a clear picture of what you and any existing customers can expect.
Key Information
- From 30 September 2025, Advantedge/Myloan Elect will cease accepting new home loan applications.
- Existing customers can continue to submit variations (including credit critical variations) after 30 September 2025.
- Commission payments will continue to be paid on existing loans
- The Customer Care team remains open for business on 1300 300 989 or customercare@advantedge.com.au. Our specialised credit assessment and operations teams will also continue to service requests.
- In 2026, all Advantedge home loans will transition to a NAB branded home loans. We will update you on specific dates and timing as we progress through the planned transition.
Supporting your customers
FAQs have been prepared for customers which are available here: Customer FAQs.
Furthermore, letters will be sent to existing customers advising them of the changes. A copy of this letter is available via this link.
We recommend contacting those customers who may be impacted as they may have a few questions about the development.
If you have any questions, please reach out to your Elect BDM!
Some important information to help you begin using InfoTrackID
Earlier this week, we transitioned from IDyou to InfoTrackID for all new digital customer identity verification services (VOI and KYC). Here’s some important information to help you begin using InfoTrackID.
If you were an existing IDyou user, your account should have been automatically provisioned for InfoTrackID, and you should have received a welcome email with your unique login details. This email will come from the email domain ‘@infotrack.com.au’.
Note: When using InfoTrackID, 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. Additionally, we encourage you to utilise the optional ‘Additional Instructions for your client’ section to include free-text notes. These notes will accompany the customer email and can provide valuable guidance.
If you were an existing IDyou user and you haven’t received your access email yet
- Check your spam/junk folder first.
- If still not found, email brokercreation@infotrack.com.au and request a manual creation of an InfoTrackID account.
- You’ll receive your unique login credentials via email by the next morning.
New feature: ‘Matter Reference’ field
When initiating a new VOI request, you’ll notice a new ‘Matter Reference’ field. This is a valuable new feature that allows you to:
- Add a unique identifier such as:
- Application ID
- Customer name
- Internal reference number
- Loan reference
- Easily locate and identify specific VOI requests in your dashboard.
- Improve tracking of customer applications through your workflow.
This field is optional but highly recommended for you to better manage your cases.
Current IDyou requests
Remember, you have until Monday 16 June to complete any VOI requests currently in progress through the old IDyou system.
For any of these in-progress VOI requests in IDyou, you can still submit the VOI and generate the VOI Report. When prompted to select ‘Prepare VOI Report for your chosen lender’, you’ll need to select ‘Other’ and type ‘Advantedge’.
Further Support
All resources on Advantedge.com.au have been updated to reflect InfoTrackID instead of IDyou. For more information on using InfoTrackID, refer to the user guide or FAQ document via the following pathway: Advantedge.com.au > Mortgage brokers > Digital verification of identity.
If you have any questions during this transition, InfoTrack’s support team is available and prioritising MyLoan Elect enquiries:
- Email: HelpDesk@infotrack.com.au
- Phone: 1800 878 998 (Option 1)
- Hours: 8:00am – 5:00pm, Monday to Friday (AEST)
- InfoTrack Dashboard: https://search.infotrack.com.au/webvoiv2
If you have any questions, please speak to your MyLoan Elect Business Development Manager.
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.
