Resimac has announced a cut in turnaround times to as little as 1-2 days, accompanied by a drop in their Prime Full Doc home loan rate by 15 points to 2.14% variable.
The non-bank lender has made the changes in response to a survey they carried out among customers which found that the number one priority of home loan customers who came to them via a broker was the amount of paperwork required for approval.
Documentation was cited as the biggest concern, above interest rates, and the non-bank responded by investing in improvements to their loan approval process.
“Resimac has invested significantly in our processes, technology and staff to improve our turnaround times, which are now 1-2 days for conditional approval,” said Daniel Carde, Resimac’s general manager distribution.
“The investments we’ve made in processes, technology and staff to improve our turnaround times mean we’re now better equipped to manage extreme levels of demand in the future.”
“Importantly, our investment in technology is ongoing, with further system enhancements due over the coming months.”
“Our market research shows that low rates and quick turnaround times are two of the top reasons customers prefer to go through the broker channel for their home loan needs.”
“The importance of turnaround times in particular can often be underestimated, with borrowers looking for certainty early in their purchase or refinance journey.”
“Low rates are an obvious drawcard – this is often one of the first things customers are interested in. Reducing the rates on our Prime Full Doc products up to 80% LVR by 15 basis points brings us head-to-head with the most competitive products in the market.”
“But we haven’t just sharpened our rates. We’ve also implemented a raft of technology and process improvements to whittle our conditional approval times down to 1-2 days for fully packaged Prime applications.”
“With an extremely competitive market at present, this ensures applicants don’t miss out on property opportunities due to extended wait times on their applications.”
