Resi Select’s Investor Rates Reduced

27th Nov, 2023 | Broker News, Select Product

Resi Select have reduced their investment rates. Interest rate for new Investor variable lending with ≤80% LVR will be as follows:

Please note, these rates will increase by 0.25% on the 4th of December, so get in while you can.

Pipeline applications – timing

  • The effective date of this change will be no earlier than Monday 4 December 2023 for in-flight applications, but will vary depending on the loan settlement date as follows:
    • Loans settled before 5pm Monday 13 November 2023 will have variable rates increased by 0.25% p.a. on Monday 4 December 2023
    • Loans settled after 5pm Monday 13 November 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 Monday 4 December 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.

For further information please check out our website or contact your BDM or Broker Support.