RESIMAC Home Loans has reduced interest rates on its Specialist product range, by as much as 85 basis points and Prime rates by 50 basis points across its variable range for the next three months.
RESIMAC general manager Adrienne Church says she can compete in this space as there is more margin to play with and the market environment is conducive to competitive pricing here.
"I can't compete with banks on fixed rates," she says.
While there had been a big move from floating rates to fixed rates as the OCR increased that trend is starting to reverse. Church says RESIMAC is now getting a lot of floating rate applications.
“This promotion has allowed RESIMAC to offer some of the lowest rates available in the market on both our Prime and Specialist range. Borrowers will be offered Prime rates as low as 6.09% and Specialist products as low as 7.99%,” RESIMAC Home Loans general manager Adrienne Church says.
The new rates are effective immediately and will apply to all new business and pipeline loans that are yet to reach unconditional approval. The three month promotion will run through to August 7.
“In the highly competitive lending market that currently exists, RESIMAC continues to be a market leader. Our strategy has always been to match our superior products with the most competitive pricing available.
| Standard Loan | Variable | 1 Year Fixed | 2 Year Fixed | 3 Year Fixed | 4 Year Fixed | 5 Year Fixed | | ------------------------------ | -------- | ------------ | ------------ | ------------ | ------------ | ------------ | | Standard Loan <80% LVR | 6.09% | 5.88% | 5.86% | 5.90% | 6.02% | 6.06% | | Standard Loan 80.01% - 85% LVR | 6.59% | 6.38% | 6.36% | 6.40% | 6.52% | 6.56% | | Standard Loan 85.01% - 90% LVR | 7.09% | 6.88% | 6.86% | 6.90% | 7.02% | 7.06% | | LOW DOC LOAN | Variable | 1 Year Fixed | 2 Year Fixed | 3 Year Fixed | 4 Year Fixed | 5 Year Fixed | | Low Doc Loan | 7.09% | 6.88% | 6.86% | 6.90% | 7.02% | 7.06% |
