Resi The Alternative to the Big Banks

Looking for an alternative to the Big 4 banks? Resi has the answer

  • Multi funder options delivering a wide range of loan solutions for customers - access to several funders who don't credit score.
  • Dedicated Business Development Managers (that have knowledge of funder niches) to assist with credit enquiries and scenarios.
  • Breadth of funding allows us to find a solution for most viable lending situations.
  • Dedicated credit team with delegated credit authorities
  • Customer ownership is always maintained by branch/broker and not the lender
  • Fully Assessed Pre-Approvals
  • Cash out on all products up to 80% LVR
  • Fixed rates with full offset account
  • Properties up to 120acres
  • Lo Doc and full Doc options

Details on all our products including service calculators and facts sheets can be found at:

https://www.vow.com.au/resi-home-loans

Current Featured Promotions:

Resi Flexi Options:

Owner Occupied P&I

  • Variable rate (up to 90% LVR) 3.14%
  • 2-year fixed rate (90% LVR) 2.99%
  • 3-year fixed rate (90% LVR) 2.99%

Investment: P&I

  • Variable-rate (up to 90% LVR) 3.44%
  • 2-year fixed rate (90% LVR) 3.59%
  • 3-year fixed rate (90% LVR) 3.59%

Investment I/O

  • Variable rates from (80% LVR) 3.74%
  • Variable rate (80.01%-90% LVR) 4.49%
  • 2-year fixed rate (90% LVR) 3.79%
  • 3-year fixed rate (90% LVR) 3.79%

With 100% offset account on either fixed or variable rates available.

Standard valuation fees up to a maximum cost of $300 waived.

Document Preparation fee of $150 waived until 31st October 2019 (loan must be documented by this date).

Renew / Restart special

Discounted rates available across the Renew Prime and Near Prime Range. Renew Full Doc rates available from 3.29% and Alt Doc rates from 3.76%.

Renew Near Prime Full Doc rates available from 4.41% and Alt Doc rates from 4.74%

Agility Special Offers

  • Agile Full Doc annual fee waived for the first year.
  • Agile Prime Alt Doc risk fee reduced from 1% to 0.50% (for LVR's up to and including 70%)
  • Agile Clear range rates reduced by up to 1.00% for LVR's up to 80%.

For any questions or scenarios please contact our sales team who will be more than happy to assist:

For general enquiries, please call 1800 737 448 and select:

Option 1 for Sales team or brokersupport@resi.com.au




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.

Salestrekker Update

Last night we deployed a new update to all Salestrekker servers.

1) Filters are now more prominent when active:

2) When marking deal as paused, a task is set to remind of the paused deal. Task is autoset on + 6 months (this can be manually adjusted each time deal is marked as Paused).

Bug Fixes

  • Note that some users have noticed system slowdown around 10AM and 4PM Sydney time. The cause of these was a regular server backup. To rectify these issues, we are now moving server back-ups to 3AM Sydney time
  • We modified new Client Portal to avoid blank screen issues reported (e.g. user address not added; users adding employment and not linking to the employer prior to sending CP invite to the client).

Coming Soon

  • We are completing work on Maximum Borrowing relocation to Product Search and Review. We expect to complete testing and go live by 1 November
  • Android application 2.0 is nearing completion and we intend to have live release on Google Play by 1 November
  • We have received early access Zapier approval. I will send a separate communication later this week regarding this
  • We expect to commence testing new Marketing functionality from 1 November
  • Assert Finance users: we expect Latitude and Macquarie integrations to go live in November.

BOQ Commercial Business Broker Offer (exclusive of BOQ Specialist)

BOQ Commercial Broker have launched a new broker only campaign for commercial lending in the $1m - $3m space.

Download the BOQ Commercial Broker flyer here to promote within your business emails/letters.

FBAA backs new mortgage pricing inquiry

The head of the FBAA has expressed strong support for the ACCC's new enquiry into mortgage pricing, stating that banks need to be "far more transparent and accountable" for their behaviour.

Treasurer Josh Frydenberg yesterday announced that the Australian Competition and Consumer Commission (ACCC) has been commissioned by the Morrison government to conduct a review into mortgage pricing.

The inquiry will review pricing behaviour from 1 January 2019 to examine:

the differences between advertised rates and the prices actually charged or paid;

the differences between rates paid by existing customers and those paid by new customers (front and back-book pricing behaviour);

pricing decisions in response to changes to the official cash rate; and

factors preventing customers from switching to cheaper home loans.

In exploring these matters, the ACCC will consider consumer decision-making and biases, information used by consumers and the extent to which lenders may contribute to consumers paying more than they need to for home loans.

The ACCC noted that it can use compulsory information-gathering powers under Part VIIA of the Competition and Consumer Act (2010) to gather information from financial institutions, including their decision-making documents.

Following the announcement, ACCC chair Rod Sims commented: "Having consumers and the community understand how pricing decisions are made, why and with what consequences is important for a well-functioning market.

"We are looking forward to examining how banks make these crucial decisions. It will be important to understand and examine the different factors that financial institutions take into account when setting their prices."

According to the competition watchdog, the new inquiry will build on its Residential Mortgage Inquiry, in which it accused the major banks of 'synchronised' pricing behaviour.

"We will aim to provide answers to the questions that banking customers have long asked," Mr Sims added.

"For example, we know from our first financial services inquiry that there is an unusually large difference between the headline rate and the actual rates many customers are paying, which can be confusing for consumers.

"It is also very difficult for customers to find out what mortgage rate they could pay with another financial institution, without going through a lengthy and time-consuming application process."

He concluded: "We have evidence that customers can save considerable money by switching providers, and we want to fully understand what the barriers are that stand in their way, particularly barriers created by the banks."

The ACCC added that it would consult closely with financial regulators including the Reserve Bank of Australia (RBA), the Australian Prudential Regulatory Authority (APRA), and the Australian Securities and Investments Commission (ASIC) throughout the inquiry.

This comes amid criticism of the banks from Mr Frydenberg for their failure to pass on the RBA's full 25 basis-point cuts to the cash rate.

"The banks have a lot of explaining to do," Mr Frydenberg said.

"This is very disappointing by the banks, and customers should vote with their feet."

The Treasurer encouraged borrowers to consider switching to alternative lenders with lower mortgage rates.

"Now, some of the smaller lenders have actually passed on this rate cut in (full)," he said.

"People should shop around, get the best deal, but also make their displeasure known to their banks because the rate cuts should be passed on in full, and that would be a good thing for consumers."

Mortgage industry stakeholders, including the Finance Brokers Association of Australia (FBAA), have welcomed the ACCC's new inquiry.

FBAA managing director Peter White said the inquiry is "appropriate", stating that it is time for all banks to be "far more transparent and accountable".

"I've been calling on the banks for a long time to pass on interest rate cuts in full, and of course the latest was just two weeks ago," he said.

Mr White echoed Mr Frydenberg's criticism of the banks' response to cuts to the official cash rate.

"The banks have been playing some sort of seesaw game where they will pass on a little bit this time and then a bit more - or a bit less - the next time," Mr White said.

"There's a pattern of behaviour here that Australians are clearly not happy with."

The FBAA head accused the banks of passing on compliance costs to their customers.

"Trying to balance the books by passing on these penalties is not something that should be borne by borrowers," he said.

"You would think given the commentary and the whole focus around the banking sector, that they would be doing their utmost to regain trust with the public.

"This inquiry provides an opportunity for banks to be transparent around their decision making and how they balance the needs of the community."

The competition watchdog is expected to hand down a preliminary report by 30 March 2020, with a final report due by 30 September 2020.

Author: Charbel Kadib

Source: The Adviser

Macquarie Update - Serviceability Calculator Changes

Macquarie have today released their updated version of their loan serviceability calculator. Changes made are the introduction of a debt to income (DTI) measure, which now appears below the NSR section. This new calculator applies for new business and principle increases from 17 October 2019.

Note: a DTI is a measure of loan serviceability which represents the ratio of credit limits on all debts held by the applicant(s), to the applicant(s) verified gross income.

Download serviceability calculator here

Teachers Mutual Bank & Unibank Update

Please find attached the latest Broker News for your records. In summary, the communication advises as follows;

The bank has announced a decrease to its Owner Occupier and Investor fixed interest rates effective Wednesday, 16 October 2019 applicable for new business across all brands. The standout rates are our two-year P&I Owner Occupier rate which has dropped to 2.88% pa and the two-year Investor P&I rate which has dropped to 3.28% pa.

The bank will decrease interest rates on a number of its Owner Occupier and Investor variable interest rates effective Friday, 1 November 2019 applicable for new and existing business across all brands. The standout rates are the P&I Owner Occupier rate for the Classic Home Loan which will reduce to 3.29%pa and the P&I Investor rate for the Classic Home Loan which will reduce to 3.37% pa.