RESIMAC rate changes
RESIMAC’s interest rate specials were meant to run out two months ago, says sales director Adrienne Church.
Tuesday, April 30th 2013, 12:43PM
by Susan Edmunds
The lender announced today that its launch rate specials had come to an end.
That means floating rates rise to 5.59%, the one-year rate rises to 5.35% , the three-year fixed rate increases to 5.9%, the four-year rate rises to 6.2% and the five-year to 6.5%.
Church said the lower rates had been expected to only last three months, not five.
The lender also announced that loans up to 90% LVR will no longer be required to have lenders’ mortgage insurance (LMI). That will save a borrower with a $300,000 loan about 30% in fees.
RESIMAC has made a point of targeting borrowers who do not fit traditional bank criteria.
Church said lending growth had picked up pace. Since RESIMAC's launch, changes had been made to counter location issues and to respond to the growth areas.
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