Resi Simple Update

At Resi we are always looking for ways to help secure the best possible rate available. That is why we have reduced the Prime Rate to 2.39% (Comparison rate 2.42%) on our Essentials Prime Product.

  • Owner Occupied Loans only
  • Loan amount of $250,000 - $750,000
  • Max LVR - 65%
  • Metro Locations only
  • PAYG Applicants only
  • Principal & Interest only

In addition, the risk fee for Near Prime Loans is being waived for applications received up to the end of April.

  • Minimum Loan size $250,000 (All loans below this loan amount will continue to incur a risk fee)
  • Max LVR - 70% (Risk fee applies on LVR's above this)
  • Loan must settle on or before 30th June 2021

RESI Ratecard

*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.

Westpac Update

Westpac is making some changes to the way they pay upfront commission on internal refinance business. This change is the next step in enhancing the way broker commissions are paid, making it easier and simpler.

Effective immediately, there will no longer be a clawback as a method of calculating the upfront commission on any internal refinance of a residential consumer loan for the Westpac brand. This change will apply to all loans refinanced since 1 January 2021

Now, when a loan is refinanced with Westpac, and this new loan is submitted by the same aggregator or broker as the old loan, Westpac will not clawback the commission on the original loan. They will pay commission on any increase between the new and original loan.

You will now see a notation on your tax invoice that says ..."ADJ Refinance in any instance where Westpac is paying a commission on the new loan. This notation means that the commission is the difference between the old and new loans.

For any questions, please reach out to your BDM.

New Pricing for Home Loans

Australian Military Bank has announced new pricing for Home Loans, including a promotional rate for their Investment Loans. The below changes to home loan interest rates are effective as of 22 February 2021.

Investment Home Loan

Please see the limited-time specials on investment loans:

  • Investment Loan " Principal & Interest " 2.69% variable rate (2.73% Comparison Rate). Max LVR 90% (inclusive of LMI).
  • Investment Loan " Interest Only - 2.79% variable rate (2.83% Comparison Rate). Max LVR 80%.

Both offers are available for new lending of $250k or more.

Further to this, there are some tweaks to fees and features of the products:
Interest Only option of the Investment Product now has offset available.
$8 monthly fee waived for life for loans funded in the promotional period.
These offers are available for a limited time only and can be withdrawn by the Australian Military Bank at any time.

DHOAS & Home Loans

The below changes have been made to their pricing for home loans, including DHOAS:

Product

Old Rate

New Rate

New Comp Rate

Reduction

2 Year Fixed Rate

2.64%

2.49%

4.32%

-0.15%

Value Home Loan

(selected tiers only)

3.38%

3.19%

3.23%

-0.19%

The existing product parameters (such as LVR, tiers and minimum loan size) continue to apply for the above pricing changes.

*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.

First Digital Bond

Homebuyers can now exchange information and documents instantly with the first-ever paperless digital deposit bond

What is it?

  • Deposit bonds are now digital: Goodbye paper
  • Use your smartphone or any device
  • Instantly issued, certified and accessible

Why is it so great?

  • Zero wait time
  • No snail mail delivery concerns
  • Exchange on purchase instantly

How will it work?

  • No change to the bond application submission process
  • Digital exchange with encrypted passcodes
  • QR code to verify the authenticity of the digital deposit bond

To find out more, feel free to register to Deposit Assure's upcoming Digital Deposit Bond Webinar.

Click here to register.

Liberty Update

If you've got a prime customer who's a little different - perhaps they have smaller, non-genuine savings or borrowed funds - contact your Liberty BDM.

  • With Liberty's Swift loan, eligible borrowers can be offered up to 95% LVR plus capped LMP for owner-occupier purchases.
  • Additionally, borrowers with non-genuine savings can still qualify for up to 95% LVR.

Other features of Liberty Swift include:

  • Not credit-scored
  • Owner-occupied only
  • Borrowers must have less than $50k of unsecured debt
  • Maximum loan size varies by postcode
  • High-density securities not accepted

Please reach out to your BDM for any questions.