Resimac wants to win new business and help mortgage brokers by offering new market-leading rates on loans.
The non-bank lender has removed the loading on all interest-only products and is extending its bundle offer until January 31. Resimac has dropped its rates for new interest-only home loans by 25 basis points to be among the lowest of its kind in the market, which means brokers can offer Resimac interest-only products at principal and interest levels until January 31, making a compelling proposition for investors.
Resimac is also extending its bundle offer to the same date, with residential investors able to gain owner-occupied pricing on investment home loans (in some cases a saving of 40bp) if they bundle both their owner-occupied and investment loans with Resimac. If used simultaneously, brokers can help their clients unlock investment loans on interest-only repayments at owner-occupied principal and interest rates.
Resimac general manager distribution Chris Paterson (pictured above) said the lender wanted to help offer as low rates as possible in view of recent increases.
“This is a great opportunity for brokers to help their clients improve their cash flow or return on investment,” Paterson said.
“We know many residential property investors fear becoming over-extended on their property portfolios and with the refinance market as hot as it is right now, brokers can fill a need by giving their clients access to this offer. Resimac rates for prime alt doc and specialist full doc and specialist alt doc are among the lowest in market, ensuring ultra-competitive products for our customers.”
The bundle offer applies to purchases and refinancing and is available with prime full doc and prime alt doc products, with a maximum LVR of 80% applying.
Resimac’s home loan settlements rose 30% to $6.3 billion in FY22, with the non-bank attributing its growth to the support of brokers. Resimac’s assets under management increased 55% in FY22 compared to FY21 and its asset finance division, which began offering car and equipment loans in 2021, recorded settlements of $405m, up a whopping 212%.
Resimac CEO Scott McWilliam said its FY22 results were a testament to the support of the broker channel.
“It is pleasing to see such a broker-centric organisation that is continuing to grow with broker originations across the market,” McWilliam said.
“The broker channel is very important to us as we have poured decades of investment into it and we will continue to support it by improving our service to broker, education, investment in technology and always look for ways to improve our service to them.”
In August, the non-bank announced it had gained a controlling stake of Sonder Equipment Finance as it moved to expand its network across Australia. The automotive and equipment lending specialist’s partnership provides Resimac with greater reach, expertise and broker relationships for its consumer and commercial lending products.
Resimac Asset Finance general manager Michael Moloney said he was excited by the potential of the combined organisation.
“Sonder has been a key part of our distribution strategy since Resimac first took a stake in the business (in 2021),” Moloney said. “The acquisition means the Sonder team will be offering our competitively priced products and friendly service to more people, helping sales growth.”
What do you think of this new offer from Resimac? Let us know in the comment section below.
