RESIMAC offers investors discounted rates
There's lots of talk about rising interest rates, but non-bank lender RESIMAC is offering discounts for property investors.
Thursday, February 16th 2017, 9:15AM
While home loan rates have been rising across the board, largely due to increased wholesale funding costs, RESIMAC is going the other way.
It has a new investor package offering discounted rates to property investors. The main criteria is that the borrower has to have both the investment property and the owner-occupied property with RESIMAC.
Normally RESIMAC charges a 40 basis point premium on investment loans, but this is waived in its new package.
"The current owner occupied rate, starting at 4.86% for one-year fixed, will also apply to investment loans for customers who also bring both the home loan and investment loan to RESIMAC," general manager Adrienne Church says.
"RESIMAC wants borrowers with both an owner occupied home and an investment property to come to us so we’re offering a discounted rate on their investment property loan to encourage this business," she said.
RESIMAC currently has the market leading floating rate (See rate table here sorted lowest to highest on the floating term
Church says one of the goals is to make sure there is a good balance of lending in its book between owner-occupied and investment loans, and by offering this package it can reduce the interest rate as the risk in the deal is lower than if it was just an investment property loan.
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