
We are pleased to advise the 'Apply On-line' system has been updated to refect the Resi branding in place of Group Lending.
If you have a client requiring a specialist lending option, it is well worth your while considering the Resi Renew & Restart range. Here is a recent loan application that came in for the Renew / Restart range and how the pricing compares to Pepper retail.
We have recently looked at a loan of $821, 976 which was Owner-occupied interest only at an LVR of 78%, due to circumstances, this particular loan fell into the Near Prime classification.
Resi was able to get this loan set in out Renew near Prime Ultra Product with the following rate and fees (outlined in comparison table below).
The product was better suited to the client than the Pepper retail equivalent, as their intention is to sell the property in 2 - 3 years' time (outlined in comparison table below).
The client was prepared to pay the slightly higher interest rate in order to avoid the substantial Mortgage Risk Fee. At Resi we have found that a lot of our client's intentions are not to remain in a specialist loan ion beyond 3 - 4 years, in which case, they usually end up ahead with our low fee structure.
If our clients are insistent on minimising their interest rate and happy to pay the Mortgage Risk fee, we can undercut the Pepper retail range. Check out the full rate card attached and comparison table below.
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Resi Renew Near Prime Ultra
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Pepper Easy Plus (Interest Only)
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Variable Rate
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6.25% p.a.
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5.99% p.a.
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Set up fees
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Zero (Current special offer)
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Zero (Current special offer)
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Mortgage Risk Fee
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Zero
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$10,274.70
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Monthly Fee
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$15
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$15
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Has this got you interested? Contact the team below to discuss your next scenario.