Variable Rates are Changing – Effective 29 May 2023
Effective 29 May 2023, variable rates are increasing for new lending by up to 0.25% p.a.Our variable rate for new lending will start from:
There are no changes to fixed rates at this time. A copy of all interest rates can be found on the Resi Website.
Our construction offering just got better!
Building a home is an exciting yet often challenging experience. Our construction product is designed to make the process simple and stress-free so customers can focus less on their loan and more on building their dream home.
Resi Select construction loans now 2-years Interest Only. From Monday 29 May 2023 Resi Select will introduce an initial 2-year interest only period for all new and existing construction loans. This helps ensure we account for unexpected delays by giving customers more time to complete their construction, without having to apply for an extension.
What happens after construction is completed?
We’ve also digitised the process so construction loans will automatically convert to Principal & Interest once construction is complete, or when the 2-year Interest Only period has expired – whichever comes first.
What if the IO period expires before construction is finished?
If the 2-year Interest Only period expires prior to the construction being completed, the loan will revert to a Principle & Interest construction loan. If required, we may be able to give an Interest Only extension of up to 12-months. This can be requested as per the current Interest Only extension process. Construction must not exceed 36-months.
- Full details will be provided in the updated Credit Guide which will be available in your aggregator system from Monday 29 May 2023.
- If you have any questions or would like to discuss how Resi Select may be a great option for your customers, please contact your Resi Select Business Development Manager.
Why choose Resi Select for construction loans
- Plenty of time to complete construction with all construction loans now 2-years Interest Only.
- Great value with our standard Principal & Interest rate applied across the Interest Only period.
- Exceptional support with a dedicated credit assessor and case manager to look after you throughout the construction experience.
- No progressive drawdown fees.
- No valuation fees.
- No loan variation fees.
Reminder: EOFY cut-off dates for settlement
To ensure settlements are completed before the end of the financial year (EOFY) on Friday 30 June, please take note of the following cut-off dates.