In line with the March 2023 RBA announcement, effective Tuesday 4 April 2023, Resi Select is increasing variable interest rates for both new and existing variable rate home loans
Effective Tuesday 4 April 2023, variable rates are increasing for new and existing lending by 0.25% p.a.
For example, interest rates for new lending with ≤80% LVR will be as follows:
How we’re telling your customers
Customers with an existing variable rate home loan will receive a letter advising them of changes to their interest rate and repayments.
Pipeline applications – timing
- The effective date of this change will be no earlier than Tuesday 4 April 2023 for in-flight applications, but will vary depending on the loan settlement date as follows:
- Loans settled before 5 pm Tuesday 14 March 2023 will have variable rates increased by 0.25% p.a. on Tuesday 4 April 2023
- Loans settled after 5 pm Tuesday 14 March 2023 will retain their current contracted variable rates until the month following settlement when they will be increased by 0.25% p.a. The adjustment will not be retrospective
- All variable rate loans formally approved and instructed on or after Tuesday 4 April 2023 will receive the rates on the updated rate card.
Pipeline applications – reassessment
- AIP – to purchase a property
This can be in place for 90 days providing there is no credit critical change. The LVR & Loan amount at time of approval cannot increase if pipeline treatment rules are to be applied.
- Conditional Approval to refinance / cash out / consolidation etc.
These loan applications must service at the rate of the date of the final loan assessment.
A full set of rates will be made available on our systems from Tuesday 4 April 2023.
For more important information on comparison rates, please refer to ‘Important Information’ section below.
Don’t forget the benefits of choosing Resi Select
- A digital end-to-end service experience to support you with efficient lodgement and processing of your applications.
- Direct access to credit managers, with optimal turnaround times for quality applications.
- A simpler product offering.
- Customer Net Promoter Score (NPS) +26 and Broker NPS +64 in Advantedge Broker and Customer Satisfaction Surveys July 2022*.
If you have any questions, please contact your Resi Select Business Development Manager.
