Resimac announces temporary rate cuts

by Madison Utley04 Sep 2020

A non-bank has announced an interest rate special spanning its range of prime full doc loans, which will be available for a limited time only. 

Rates for new Resimac Prime and Prime Flex loans of up to 70% LVR will decrease by 0.22% p.a., while the remainder of its prime full doc loans will decrease by 0.12% p.a, bringing the headline rate for the Resimac Prime Flex down to 2.59% p.a. (comparison rate 2.95% p.a.) for owner-occupier P&I loans up to 70% LVR.

According to Daniel Carde, Resimac general manager of third party distribution, the group is focused on helping brokers drive new business across its entire product range.

“We’re committed to providing superior borrower and broker experiences, as shown by the recent introduction of our end-to-end digital loan origination process and our industry-leading SLAs of 1-2 days, and we’ll continue to strengthen our value proposition into the future, ” said Carde.

The offer is effective for new applications received from 1 September, and is available for owner occupier and investment loans, and both principal & interest and interest only repayments.

“We’ve seen increased competition in the market with various offers and gimmicks, but our new interest rate offer is plain and simple,” said Carde.

“It’s ideal for borrowers who prefer the flexibility of a variable rate, and caters to those looking to purchase or refinance.”  

According to data from comparison site Canstar, 17 lenders made 63 cuts to variable home loan rates over the month of August, while 12 lenders cut 112 fixed rates. The variable rate reductions came to an average of -0.20%, while the fixed rates were cut by an average of -0.29%.