Resimac cuts 30bps from variable rate product

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A non-bank lender has instituted a temporary interest rate cut of up to 30 basis points on one of its most competitively priced and popular products.

For a limited time, Resimac’s Prime Flex loans will start from a record-low 2.29% p.a. (comparison rate 2.66% p.a.).

According to Daniel Carde, Resimac general manager of third party distribution, the lender’s promotion is intended to meet the needs of borrowers who want the ultra-low pricing of a fixed loan, but the flexibility of a variable rate loan.

The group’s Prime Flex range was crafted for PAYG and self-employed applicants looking to purchase, refinance, consolidate debt or cash out, with the loans featuring an 100% offset facility and a rate based on security type rather than loan purpose.

“The latest industry figures show strong activity in the home loans space. Borrowers are keen to take advantage of low interest rates and they’re hungry for great home loan deals,” Carde said.

“Our latest promotion combines a highly competitive interest rate with features we know our customers care about, such as the ability to make extra repayments, and redraw and offset facilities.

“The record-low interest rate of 2.29% p.a. will enable customers to save money on what’s likely to be their household’s biggest financial commitment.”

Additionally, Resimac’s Prime Flex loan range boasts an entirely digital process end-to-end, ideal for the current COVID-19 environment.

The discounted rates apply to owner occupier and investment applications received from 19 October 2020 on Resimac Prime Flex loans of up to 80% LVR.

This temporary rate reduction follows on from an earlier cut in September of up to 0.22% p.a. for prime and prime flex loans up to 70% LVR. Resimac also announced a limited time special which includes the waiving of its standard valuation fee for specialist full doc and specialist alt doc products.

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