Resimac Home Loan Products
Resimac Standard Variable MoniPower
MoniPower home loans are full-service, giving customers the option to buy an existing home, build a new one, refinance a home loan and even draw down from the loan to pay off other debts. The interest rate on this loan varies in accordance with the current standard rate.
Resimac Fixed Rate MoniPower
With this MoniPower loan, customers receive a set interest rate for the first year of the loan, after which it converts to a variable rate. This loan also includes an offset account, and customers have the option of splitting the loan, with part of it at a fixed rate and part variable.
In this loan, the interest rate is locked in for the first two years. At the end of this period, the loan will switch over to a variable rate. Borrowers will also receive a VISA card linked to a secured line of credit. Customers have the option of making repayments monthly, fortnightly or weekly.
For the first three years of this loan, the interest rate will not change, keeping the repayments the same as well. At the end of this introductory period, the loan converts to a variable loan. Customers have the option of paying interest only or of paying both principal and interest.
With this loan, borrowers will receive an interest rate that is locked in for the first four years. After this, the interest rate will become variable, changing along with the current standard rate. This loan also includes a 100 percent offset account.
For the initial five years of this MoniPower loan, the customer’s interest rate will remain the same. At the end of this first five years, the loan will switch to a variable rate that will fluctuate according to the current standard rate.
Resimac Standard Variable MoniPower Lo Doc
Lo doc home loans are designed for those who may not have the proper documentation needed to obtain a standard loan. Instead of using the borrower’s credit score, the loan eligibility criteria is based on income, among a number of other factors. The interest rate on this loan varies with the standard rate.
For those who may not qualify for standard home loans, a lo doc loan is a viable option. With this loan, borrowers get a set interest rate for the first year. After that first year, the interest rate switches to a variable one.
With a lo doc loan, those who are unable to qualify for standard home loan products may be able to obtain the financing they need. This full-service loan comes with a flat interest rate for the first two years, after which the rate becomes variable.
Lo doc loans can help those without the documentation necessary to qualify for standard home loan products. With this MoniPower loan, borrowers get a fixed interest rate for the first three years with a variable rate for the rest of the loan term.
For those unable to qualify for traditional loan options, a lo doc home loan can help them to get the financing to purchase a home. After the first four years of the loan at a set interest rate, the remainder of the loan term will be variable.
For borrowers who have had difficulty obtaining a standard home loan due to a lack of proper documentation, a lo doc loan can provide the opportunity to obtain financing. With this loan, the interest rate is locked in for the first five years, after which it becomes variable.
About Resimac Refinancing
Additional Fees and Costs
The first thing that you are advised to do when refinancing a home loan is to understand which charges will apply to you. It is common for a loan agreement to include a release fee or penalty which may need to be paid before you can leave the original or refinance their loan.
In addition to this, the new loan agreement may require a registration fee to be paid before it can come into effect. These fees must be taken into account before you commit to the new loan product.
Selecting the Ideal Loan Product
Interest rates, variable rate terms and other features must also be considered if you are to secure the loan most suited to your situation.
You may require flexibility, while others may feel that a fixed interest rate loan with no surprises is the better option.
Submitting the Application
You will need to submit a formal refinancing request to begin the application once you have selected a loan product. You will also be required to submit a discharge request to the company financing the current loan, and meet all discharge criteria.
Following the receipt of the application form and the confirmation of the discharge from the previous loan, the application will be considered and then approved. Following approval, you will receive a letter of offer which must be signed and returned.
This enables the loan company to arrange for the transfer of titles through a solicitor and the home loan to be registered. The process is now complete and you will then receive your loan settlement.