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Thoughts on Resimac

Discussion in 'Property Finance' started by Undervalued, 7th Feb, 2016.

  1. Undervalued

    Undervalued Member

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    Anyone with experience dealing with Resimac? They are offering some good rrates for a refi on my ppor but I am used to dealing with banks so just wondering...should I be watching out for anything in particular? Given they are smaller are they more likely to be lifting rates out of cycle?
     
  2. euro73

    euro73 Well-Known Member Business Member

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    been around for years... like Firstmac they negotiated the GFC very well... whether their product has the features you want , I dont know..? Is it only rate you are interested in?
     
  3. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    They are very understated and I use them a lot. They have an excellent product for owner occupied and interest only combo lending.

    Unlike other lenders they lend on security purpose rather than loan purpose. So if you have an owner occupied property thats paid off - you can do an equity release for the purposes of purchasing an investment and you get a rate of 4.19% even for interest only.

    They have rather mediocre servicing (which is very much inline with the other players) but overall a decent product offering.

    They can't handle overly complicated securities (serviced apartments, multiple dwellings on a single title, etc).

    They definitely have my tick of approval.
     
    albanga likes this.
  4. Redwood

    Redwood Well-Known Member Business Member

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    Melbourne
  5. kennyboi

    kennyboi Well-Known Member

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    Sydney
    They have good rate for PPOR and investment. Servicing is a lot tighter though, in my case, I estimate around 250-300k less borrowing power than with NAB.
     
    Ethan Timor likes this.