In this article:
Variable rate reduction for new home loans
Effective Friday 16 September 2022, variable rates for new lending with ≤80% LVR will be reduced as follows:
- Variable rate loans formally approved and instructed on or after Friday 16 September 2022 will receive the new rate on the updated rate card.
- Variable rate loans formally approved and instructed before Friday 16 September 2022 will receive the rate on the rate card applicable at the time the loan was formally approved and instructed.
Variable rate increase for both new and existing home loans
In line with the September RBA announcement, effective Monday 3 October 2022, Resi Select is increasing variable interest rates for both new and existing variable rate home loans.
Effective Monday 3 October 2022, variable rates are increasing for new and existing lending by 0.50% p.a.
For example, interest rates for new lending with ≤80% LVR will be as follows:
How Resi is telling their customers
Customers with an existing variable rate home loan will receive a letter advising them of changes to their interest rate and repayments.
- The effective date of this change will be no earlier than Monday 3 October 2022 for in-flight applications, but will vary depending on the loan settlement date as follows:
- Loans settled before 5pm Monday 12 September 2022 will have variable rates increased by 0.50% p.a. on Monday 3 October 2022
- Loans settled after 5pm Monday 12 September 2022 will retain their current contracted variable rates until the month following settlement, when they will be increased by 0.50% p.a. The adjustment will not be retrospective
- All variable rate loans formally approved and instructed on or after Monday 3 October 2022 will receive the rates on the updated rate card
A full set of rates will be made available on their systems from Monday 3 October 2022.
Don’t forget the benefits of choosing Resi Select
- A digital end-to-end service experience to support you with efficient lodgement and processing of your applications.
- Direct access to credit managers, with optimal turnaround times for quality applications.
- A simpler product offering.
- Customer Net Promoter Score (NPS) +26 and Broker NPS +64 in Advantedge Broker and Customer Satisfaction Surveys July 2022*.
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.
To access Resi’s rate card, click here.
For more information, please see Resi’s website, alternatively please contact broker support or your BDM.