A non-bank lender has announced that, for a limited time, it will be waiving the standard valuation fee for its specialist full doc and specialist alt doc products.
The offer from Resimac, which could see certain customers saving up to $330, was crafted to lower the barrier to securing a home loan through eliminating the up-front fee.
According to Resimac general manager of third party distribution, Daniel Carde, the new offer complements the group’s suite of specialist lending products which were designed to meet the needs of borrowers who fall outside of traditional lending guidelines,.with competitive rates starting from 3.87% p.a. (comparison rate 3.97% p.a.).
“The opportunities with specialist lending will increase in the current economic environment,” Carde told brokers.
“Resimac’s case-by-case approach to credit assessment gives us the flexibility to approve loans that some of the more traditional lenders may pass on, and it enables brokers to drive new business with non-conforming borrowers such as those with credit impairments, and self-employed or contract workers.”
Standard valuation fees will be waived for new Resimac Specialist Full Doc and Specialist Alt Doc applications received from today, 15 September, for both owner occupier and investment loans with either principal and interest or interest-only repayments.
The promotion that went live today follows after Resimac’s rate reduction executed earlier this month, when temporary cuts of up to 0.22%p.a. were introduced across its Resimac Prime and Prime Flex loans.
Upon announcing the offer, Carde explained the rate special was “ideal for borrowers who prefer the flexibility of a variable rate, and caters to those looking to purchase or refinance.”
“We’ve seen increased competition in the market with various offers and gimmicks, but our new interest rate offer is plain and simple,” he said.