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In a highly competitive mortgage sector, Resimac has extended its promotional offer for lower interest rates on loans aimed at brokers and their property investor clients.
The non-bank lender recently reduced its interest-only home loan rates by about 25 basis points, making it one of the lowest on the market compared to other non-banks. Due to end on January 31, brokers can continue offering their clients interest-only loans at principal and interest repayment levels until March 31.
Resimac is also extending its bundle offer to the same date, meaning residential investors can receive owner-occupied pricing on investment home loans and potentially save up to 40 basis points if they bundle both their owner-occupied and investment loans with the non-bank.
Used simultaneously, both offers could see clients receiving investment loans with interest-only repayments at owner-occupied principal and interest rates.
Resimac’s announcement comes as the market sees increased competition, with the number of people refinancing growing amid rising interest rates.
General manager distribution Chris Paterson (pictured above) said the company wanted to help brokers in this “challenging” environment by maximising the refinancing opportunity.
“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,” he said.
Resimac previously announced that its home loan settlements increased by 30% to $6.3 billion in FY22. Assets under management also increased by 55% in FY22 compared to FY21, while the asset finance division, which began offering car and equipment loans in 2021, recorded settlements of $405m, up 212%.
Resimac CEO Scott McWilliam said the FY22 results were a testament to the support of the broker channel.
“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,” he said.
In August, Resimac acquired a controlling stake in Sonder Equipment Finance as part of its efforts to expand its network across Australia. The acquisition provides Resimac with a greater reach, expertise, and broker relationships for its consumer and commercial lending products.
