Lower rates, faster decisions and simpler processes with Resi Select (Advantedge)

06th Oct, 2023 | Broker News, Select Product

Rates as low as 5.84% p.a1 (Comparison 5.87% p.a.)2

Earlier this month, Resi Select reduced the variable interest rate for new Owner Occupier P&I home loans, with less than or equal to 70% LVR to 5.84% p.a (Comparison 5.87% p.a.). This is a great offer to help your customers realise their dreams of owning a home.

Please be aware that variable rate loans formally approved and instructed on or after Friday 1 September 2023 will receive the new rate. Any loans approved or instructed before this date will receive the rate applicable at the time the loan was formally approved and instructed.

SLAs back to one business day!

We appreciate your patience and understanding throughout July and August, while we worked hard to get back to the service levels (SLAs) you’ve come to expect from Resi Select.

Offering a one business day turnaround on new applications, variations and construction progress payments means a better experience for both you and your customers.

Note: The specified SLA timeframes do not include the day of lodgement.

Simplifying our construction progress payment process

We’ve simplified the construction process by removing the need for customers to complete a progress payment form when requesting a payment to their builder. For all progress payment requests please send us the builder’s invoice, signed by all customers using a pen-to-paper wet signature only (electronic signatures cannot be accepted).

Customers will also need to authorise the payment by including the wording “please pay invoice”. This can be done by using one of the following two methods:

  1. Getting the customer to write ‘please pay invoice’ on the actual invoice when they sign it, or
  2. Forwarding us an email trail between you and your customer which includes the signed invoice attached and the words “please pay invoice”, typed by the customer within the body of the email.

Using redraw to make a payment

If your customer needs to redraw funds from their construction loan to make their deposit payment, please ask them to complete and submit a redraw form. Once the redraw is approved and the customer receives the funds, they can then make the payment to the builder themselves.

We’re here to help

For more information, please contact broker support or your Resi BDM. For our current rates click HERE

Important information:

1Information, rates and offers are correct as at 1 September 2023 and are subject to change. Fees and charges apply to Resi Select products. Interest rates, fees and charges are subject to change. Terms and Conditions apply to all Resi Select products and are available on request. Lending criteria apply.

2Comparison rates are based on a secured loan of $150,000 over a term of 25 years. WARNING: This comparison rate applies only to the examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.