Resi Select Pricing Update – September 2023

01st Sep, 2023 | Broker News, Select Product

Effective today Friday 1st September 2023, Resi Select is decreasing the Owner Occupier Principal and Interest variable ≤70% LVR interest rate offer for new variable rate home loans.


A full set of rates are available here and on our systems from Friday 1 September 2023.

Interest rate for new Owner Occupier Principal and Interest variable lending with ≤70% LVR will be as follows:




Pipeline applications

  • Variable rate loans formally approved and instructed on or after Friday 1 September 2023 will receive the new rate on the updated rate card.
  • Variable rate loans formally approved and instructed before Friday 1 September 2023 will receive the rate on the rate card applicable at the time the loan was formally approved and instructed.

For more important information on comparison rates, please refer to ‘Important Information’ section below.

We’re also enchancing the process for Progress Payments

Removal of Progress Payment Form

We’re also enhancing our the construction process by removing the need for customers to complete a progress payment form when requesting a payment to their builder.

What’s changing?

For all progress payment requests submitted from Thursday 31 August, please send us the builder’s invoice, signed by all customers using a pen-to-paper wet signature only (electronic signatures cannot be accepted).

Please also ensure the customer(s) authorise the payment by including the wording “please pay invoice”. This can be done by using one of the following two methods:

  1. Write on invoice: Ask the customer to write ‘please pay invoice’ on the actual invoice when they sign itor2. Email confirmation: Forward us an email trail between you and your customer which has the signed invoice attached and includes the words “please pay invoice”, typed by the customer within the body of the email.

Please note: we will continue to accept the old progress payment form as authorisation for payments until Friday 15 September 2023. 

Customers using redraw to pay their builder

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.

Keeping customers informed via SMS

To keep customers informed throughout the process, we’ll now also send a confirmation SMS once we make a payment on their behalf.

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 24-hour turnaround (SLAs).
  • Customer Net Promoter Score (NPS) +6 and Broker NPS +38 in Advantedge Broker and Customer Satisfaction Surveys July 20232.

This will be a generic text message with no links, email addresses or phone numbers.

Further support
If you have any questions, please speak to your Resi Select Business Development Manager.