Following the recent announcement by the Reserve Bank of Australia’s (RBA) decision to increase the official cash rate by 0.25%, we are updating our interest rates which are detailed below.
New applications
Variable rates will be increasing by 0.25% p.a effective 22nd June 2023. New rates will be visible in salestrekker and on the Resi website from 22nd June 2023 .
Applications in pipeline
For applications currently in the pipeline (pre-formal approval), Resi essential options interest rates will increase by 0.25% p.a effective 22nd June 2023
For applications that have been formally approved and have had solicitors instructed, Resi Essential Options interest rates will increase by 0.25% p.a effective as at time of settlement.
Existing customers
For existing customers with an Essential Options prime full doc home loan rates will be increasing by 0.25% p.a effective 29th June 2023.
For existing customer with an Essential Options prime alt doc home loan rates will be increasing by 0.37% p.a effective 29th June 2023.
Existing customer repayments will be adjusted from 19 July 2023.
These changes have been carefully considered and our aim is to balance the needs of our customers as well as the volatility that has been experienced in the capital funding markets since early 2023. You are no doubt aware of numerous lenders that have or are increasing rates above the official level (including one up to 50bps above).
Customers with an existing variable rate home loan will receive a letter advising them of changes to their interest rate and repayments.
We are here to help:
Our service team understands the pressure clients are facing with the rise in interest rates, so they are there to help.
For borrowers that are not in hardship but would like to seek a short-term interest only period (up to 12 months) to assist with cash flow management, we can provide an interest only switch without the need for a re-assessment to be conducted.
Shortly we will also be introducing options for longer loan terms across our entire range of loans to provide further support for your customers.
- Don’t forget the benefits of choosing Resi.
- Monthly LMI borrow up to 95% LVR without having to fund an upfront LMI premium.
- 40-year loan term.
- Direct access to credit managers, with optimal turnaround times for quality applications.
- Fully assessed pre-approvals
- No ongoing loan fees & free redraw
- Plus a whole lot more.
For further information, please visit www.resi.com.au, email [email protected], or contact your relevant business development manager.
