Resimac cuts specialist floating rates

Non-bank lender Resimac has slashed rates across its range of specialist home loans, while also cutting its servicing rate. 

Tuesday, June 23rd 2020, 1:02PM

The non-bank has reduced interest rates for its variable product range, with rates falling by as much as 2.12%.

Resimac's specialist full-doc loans are priced from as low as 4.99%. The product is aimed at those who may have a listed default or judgement in the past, or those in mortgage arrears in need of debt consolidation options. 

The Aussie-based lender has also cut its servicing test rates. Resimac usually tests customers at 1.75% above the relevant rate for the chosen loan. 

Resimac's head of New Zealand Luke Jackson said the rate cuts, along with "market-leading turnaround times", underlined the lender's support for advisers.

"As New Zealand looks to recover economically from the impact of Covid-19 people willing to borrow need the support of professional mortgage advice, and advisers need a reliable source of funding. Resimac is committed to enabling the mortgage adviser community to meet these needs and produce the best possible client outcomes," Jackson said.

Resimac's sharpest floating rate loans are available to prime borrowers at 3.49% the second-cheapest in the market behind Kiwibank. The duo offers floating rates more than 40 basis points cheaper than the nearest rival, Heartland.

Take a look at the latest variable rates here.

Tags: Lending Mortgage Rates mortgages non-bank lenders RESIMAC

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