Resi Essentials – Near Prime Rate reductions, Alt Doc promotion extended and product enhancements

Resi is excited to announce several enhancements to their fantastic Essentials Product Range, as well as several rate reductions in their Near prime product.

In addition to this, the Resi Essentials Alt Doc Promotion has been extended.

 Near Prime Rates Reduced:

Resi’s New Near Prime Promotion sees Rates heavily reduced, commencing from 2.99%.

 New Rates as follows:

*WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Alt Doc Promotion Extended:

Resi is extending their popular Alt Doc promotion to the end of April 2022.

Risk Fee Promotion details are:

• Owner Occupied rates commencing at 2.99% (with a single form of income verification) – Max LVR 80%
• Essentials Options Prime Alt Doc risk fee waived for loans up to 60%
• Essential Options Prime Alt Doc Risk Fee
• Carer’s income
• Foreign income (only 80% used in serviceability assessment)

Product and Policy Enhancements:

Resi has also made enhancements to various PRIME and NEAR PRIME Policies and product features.

Those enhancements include:

Prime Product:

• Expanded their loan purposes e.g. Debt Consolidation (Unlimited number of debts)
• No Bank Statements are required to verify living expenses unless
  • Declared expenses are lower than HEM
  • Prime Alt Doc or Near Prime loan with NSR below 1.25

Near Prime Product:

Resi will now accept more income streams that can be used for servicing, this includes:

• Family Tax Benefit for children over 13
• Compensation income
• Education income
• Carer’s income
• Foreign income (only 80% used in serviceability assessment)

Self-employed (Under Near Prime):

• For Self Employed applicants with ABN registered between 12 and 24 months, Resi only require 1 year of financial statements (no additional Business Activity Statements are required)

Credit Impairment:

• Resi has expanded and clearly defined the incidences of adverse conduct that can be considered under their near prime product and include:
  • Mortgage Account arrears history considered
  • Non-Mortgage Account Arrears history considered
  • unlimited defaults, judgments & writs up to $2,000
  • unpaid defaults, judgments & writs exceeding $2,000 that are registered for at least 2 years
  • paid defaults, judgments & writs exceeding $2,000 that are registered for at least 1 year (NEW)

To find out more, click here.

If you have any questions, please reach out to your BDM or Broker Support.