Effective August 1st, 2023
Resi has made some further exciting Essential Options product enhancements, if you haven’t heard about them, please check out the following:
Product Enhancements
1. Near Prime Full Doc now available up to 90% LVR
NOTE: additional restrictions:
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- P&I repayments only
- Capital City Locations
- NSR minimum of 1.05 times (can utilise 40-year loan terms to boost NSR if required)
2. Near Prime Full Doc LVR and loan size limits have changed for lower LVR’s, with the addition of a 75% LVR limit.
3. Introduction of Near Prime Alt Doc, Specialist Full Doc and Specialist Alt Doc.
Resi have also introduced an easy way of identifying Resi customers impairment level. Under the Essential Options program, we are looking to assist borrowers that have endued a single credit event (which is defined as a life trauma or event that has resulted in financial difficulties impacting on repayment history and/or credit record). The severity & timing of the adverse credit listings and repayment issues simply define the product option available to the borrower.
New credit policies
Vacant Land and NDIS properties will now be considered as acceptable securities.
1. Acceptable securities
Resi have added in Vacant land and NDIS properties to the acceptable security list. Please note we still do not offer construction loans, so vacant land with the short-term intention to build would be unacceptable. NDIS properties can be accepted, however, for our program prevents us taking on properties which would require significant structural changes to restore to cater for a broad market appeal.
2. Temporary Visa holders accepted as co-borrowers under our Prime Program
Further details or clarification can be made by reaching out to your Resi Business Development Manager or email [email protected]
*DISCLAIMER: This information has been prepared by Resi Mortgage Corporation Pty Ltd, Australian Credit Licence 390669, Australian Company Number 092 564 415 (“Resi”). Information is correct as of 31 May 2023. It is intended for internal use only and is not to be distributed to anyone without the consent of Resi. Applications are subject to credit assessment and eligibility criteria. Terms, conditions, fees and charges apply.
