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Thoughts on Resimac

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

  1. Undervalued

    Undervalued Member

    Joined:
    22nd Dec, 2015
    Posts:
    10
    Location:
    Sydney
    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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    18th Jun, 2015
    Posts:
    1,438
    Location:
    Sydney
    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

    Joined:
    18th Jun, 2015
    Posts:
    641
    Location:
    Sydney
    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.
     
  4. Redwood

    Redwood Well-Known Member

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    22nd Jun, 2015
    Posts:
    342
    Location:
    Melbourne
    Don't bother using them for SMSF. Good for lo - doc loans and self employed.

    Cheers Ivan