Resi Essentials

Home loan solutions for all...

Resi beleives everyone should have a chance.  That's why we provide a wide range of home loan solutions to help borrowers, even when the banks won't.

Frequently
Asked Questions!

What is Mortgage Insurance and do I need it?
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Lenders Mortgage Insurance (LMI) is insurance that a lender takes out to insure itself against the risk of not recovering the outstanding loan balance if you, the borrower, are unable to meet your loan payments and the property is sold for less than the outstanding loan balance. LMI may be required if your home loan deposit is less than 20% of your property's 'lender-assessed value'.

What is an LVR?
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The Loan-to-Value Ratio (LVR) is the amount you're borrowing, represented as a percentage of the value of the property you’re buying. The bigger your deposit, the lower the LVR will be.

What is a risk fee?
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A risk fee is a one-off fee that's designed to protect the lender in the case of applications that are higher risk. Your application might be considered high risk because you don't have enough documentation to prove your income, or you have a low credit score.

What is a comparison rate?
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A comparison rate includes the interest rate as well as certain fees and charges relating to a loan. The aim of the comparison rate is to help you identify the true cost of a loan and compare loans and services offered by financial institutions and mortgage providers.