RESIMAC offering to refund first month of loan P&I
RESIMAC is offering to repay the first month's principal and interest on for new borrowers when they take out either a specialist or low-doc loan with the company.
Thursday, November 2nd 2017, 12:40PM
RESIMAC general manager mortgages, Adrienne Church said the deal highlights the company's commitment to providing options for those who fall outside of increasingly ‘vanilla’ mainstream lending criteria.
“We see it everyday; people who are not catered for by the banks but who are, nevertheless, good borrowers committed to moving forward. Home buyers – and mortgage advisers – need to know that there are options available,” Church says.
“The role of home ownership is enormous. As a non-bank lender, we’ve kept pace with changing borrower profiles and offer solutions for those who would otherwise be locked out of the market.”
The first mortgage repayment refund will apply to Specialist and Low Doc home loans, and will ease the initial costs of home ownership, for example valuation and solicitor fees.
“As we all know, the lending environment is getting tighter and even with the market softening, house prices are high to say the least.”
“In the foreseeable future, advisers are likely to meet a growing number of clients who fall outside of main bank criteria. And that will be for any number of reasons: those who have had to deal with the financial implications of a life event, like divorce or health issues; have had credit issues but are now in a position to move on; or are self-employed.”
Adapting to the lending environment and having options for clients that better reflect the real-life challenges many home buyers face is, according to Church, an opportunity for mortgage advisers to highlight the value they offer.
“For advisers: if you haven’t explored non-bank lending options in the past, now’s the time. And if you’re not sure about a client’s options - don’t assume, just ask. We’re expert at understanding the context,” Church says.
ABOUT THE REPAYMENT REFUND OFFER
- Available for a limited time, for applications received from Monday 6 November.
- RESIMAC Home Loans will refund the first month’s mortgage repayment within three days of the borrower making the repayment.
- Available for Specialist & Low Doc lending only, including: (1) Low Doc Prime; (2) Low Doc Specialist; (3) Specialist Clear; (4) Specialist Plus; (5) Specialist Assist.
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