Lender extends interest rate promotion

At a time when many lenders are increasing their interest rates, one lender has announced an extended promotional rate reduction.

Resimac offered a December lead-in rate of 3.74% per annum, which is now being enhanced to include extra discounts on new mortgages of up to 15bps.

Under the additional promotion:

• The interest rate for owner-occupied loans with an LVR of less than 80% is down by 10bps, and available from 3.64%pa (comparison rate 3.98%pa)
• The interest rate for investor loans with an LVR of less than 80% is down 15bps, and available from 3.89%pa (comparison rate 4.23%pa)
• The interest rate for investor loans with an LVR of more than 80% is down by 5bps

These offers are available for new applications only and for a limited time only.

Resimac’s general manager, third party distribution, Daniel Carde, said the new promotion would open for new applications received from 6 February 2019.

“Not only are better rates available, but Resimac has also implemented a number of process enhancements and is now offering fast turnaround times of one day for each of conditional approval, condition review and formal approval,” he said.

Resimac has also announced a $2000 cash-back offer for applications received in February and March on its Accelerate Red product, excluding construction.

The Resimac Group has a mortgage book of more than $12 billion and over 50,000 customers.