A non-bank lender has cut interest rates across a range of its products, following on from a consistent stream of specials that have peppered the last six months.
Resimac lowered the variable interest rates on its prime alt doc products for new applications received from yesterday, 7 December. The range, designed for self-employed borrowers who require alternative methods of income verification, has been reduced by up to 50 basis points and is available to owner occupiers and investors with both principal and interest and interest-only repayments.
From this week, owner occupiers with <70% LVR can access rates starting from 3.47%pa (comparison rate 3.51%pa), while those with 70-80% LVR can take advantage of rates from 3.87%pa interest rate (comparison rate 3.91%pa).
According to Daniel Carde, Resimac general manager of distribution, now is an “opportune time” for brokers to be driving new business with self-employed borrowers.
“The self-employed segment has been doing it tough for most of the year with the COVID-induced lockdowns and restrictions. But with almost every state and territory opening up its borders and easing restrictions, they are quickly recovering, putting them in a strong position to access lending products,” Carde explained.
“Small businesses are the backbone of the Australian economy, and want to ensure they’re supported during this critical phase with access to competitive loans that are tailored to meet their unique needs.”
Resimac’s prime alt doc product is available to self-employed borrowers who have been operating the same business for a minimum of 24 months, with a maximum loan amount of $1.5m at 75% LVR and $1m at 80% LVR, including unlimited cash out. The range supports refinancing and debt consolidation, choice of income verification options and 100% offset.
“As our economy starts to bounce back, self-employed borrowers will need guidance and advice from their trusted brokers more than ever to navigate the changed market,” Carde said.
“It’s a great time for brokers to reach out to clients and see how they can help them achieve their financial goals into the new year.”