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Why Choose Resi Home Loans?

Despite the fierce competition between big banks and non-banks over the past couple of decades in Australia, there are still plenty of people who are unsure about lenders they haven’t heard much about. This is a shame, as many of the boutique lenders tend to offer flexible mortgage at highly competitive rates.

Resi Home Loans has been around for a couple of decades now, striving to offer only the very best mortgages to customers all over the country.

The professional team at Resi pride themselves on their superior customer service. You’re not just an account number to the Resi team – you’re a real person with real needs, and they make sure you’re treated this way every time.

However, the biggest difference with Resi Home Loans, compared to other lenders, is their extensive range of mortgage products. The variety of loan types available makes it much easier for customers to choose the right loan to suit their own needs and their own unique financial goals.

Resi – the Award Winning Lender

Throughout the years, Resi Home Loans has won a string of awards, from best value home loans, to best non-bank lender, and many more besides. For the past 25 years, Resi have been working hard to help regular Australians to save money and to access only the best possible home loans to suit their needs.

The people behind the success of Resi Home Loans are all self-employed franchise owners. This also means you know the company you’re dealing with is 100% Australian owned and operated. The professional team members are extensively trained in the nuances of all the Resi mortgage products, so they know how to find the perfect home loan solution to suit any of your financial goals. They also work hard to ensure that the home loans available are as competitive as possible, offering flexible features and minimal fees.

The entire Resi team maintain a strong focus on outstanding customer service. To them, you’re not just a number or an account balance – you’re a real person with real financial needs.

The Resi vision is to be Australia’s best non-bank lender, and it seems they’re well on their way.

What Is the Best Home Loan Available with Resi?

Many customers ask this common question. However, it’s almost impossible to suggest one single home loan and expect it to be right for every single customer.

This is simply because every customer has different financial needs and very different financial goals. Just because you have a friend who did well with one type of mortgage does not mean you’ll enjoy the same success. Your own income, budget and expenses will be unique to you – just as your home loan should be.

For this reason, the only real way to determine the best home loan for your own individual needs is to consider your own situation and then match this to the right home loan.

The people at Resi Home Loans understand this distinction, which is why they offer such a diverse range of home loans. To make it easier for you to get a snapshot of exactly what Resi’s wide range can do, here are some of their home loans and who they’re most suitable for:

Home Loan for First Home Buyers

First homebuyers haven’t experienced the commitment to such a large loan in the past. A mortgage can be daunting and the fear of rising interest rates can put plenty of strain on an already-tight budget.

For these reasons, first homebuyers should always look for a flexible home loan with a low interest rate that allows them to create a buffer against future interest rate rises. They should also look for a home loan that won’t penalise them for making extra repayments, and ideally the home loan they choose should offer a redraw facility.

The Resi Low Start Home Loan is a option for a first homebuyer. It’s also ideal for young families and those wishing to save money on steep interest charges.

As the first year of any mortgage is always the hardest, Resi have put together a home loan with a super low introductory rate that lasts for the first twelve months. This gives first homebuyers plenty of time to get used to budgeting for the mortgage payments.

Once the introductory rate ends, the rate reverts over to a competitive standard variable rate. However, Resi are happy to let you switch your loan over to a fixed interest rate if you want to remove the worry about future interest rate hikes. Their range of very competitive fixed rate mortgages means you can keep your rates low and give yourself the security of knowing your repayments can’t change throughout the entire fixed term.

Home Loan for Refinancing and Debt Consolidation

The best home loan for refinancing is the one that will let you save plenty of money on interest costs and associated fees. If you look carefully at your current mortgage, you should see the interest rate you pay now written on the statement. You may even notice that many lenders will charge you a monthly fee on top of the payments you already make.

Of course, if you add in the exorbitant interest charged on many credit card accounts and even some personal loans, you have the opportunity to really reduce your costs. Consolidating some of your other personal debts into your home loan lets you reduce your monthly repayments, which frees up the family budget each month and makes it much easier to really start working on a debt reduction plan in earnest.

The Resi Switch & Save home loan is a specialty loan designed for refinancing and consolidation. Featuring a low introductory rate that lasts for two years, this home loan allows you to make unlimited amounts of extra repayments into the account while the rate is still low.

Add to this the benefit of no application fee and no monthly fee, and you really will be saving money.

Split Home Loan

Some homeowners are unsure whether they should choose a fixed rate loan or a variable rate loan. Obviously, they don’t want to get caught if rates rise, but they also don’t want to be stuck paying too much for a fixed rate if rates happen to go down.

This is where the Resi Flexi Fix Lite home loan can save you potentially tens of thousands of dollars in interest costs and other associated fees.

The Resi Flexi Fix Lite home loan is a super-competitive loan with no application fee and no monthly fees. This mortgage gives a first homebuyer the benefit of half the loan being fixed at a very low rate for 2 years. This offers a level of security that the repayments on this portion of the loan can’t rise if the interest rates should go up in the near future.

However, the remaining portion of the home loan is still variable, but the interest rate is also set to an ultra-low rate.

The primary reason you can benefit from a split home loan facility like this is that there is a lot more flexibility available to them. While the fixed portion remains steady for two years, it may not be possible to pay too much extra into the mortgage during that fixed term. You also can’t redraw extra funds from a fixed loan until the end of the term.

Yet, if you have a portion of your Resi home loan that is still variable, you can make your extra repayments into this part of the mortgage without incurring any penalties. It makes sense to pay any extra amounts of money into this variable portion as often as you can. This reduces your mortgage debt more quickly and helps to reduce the amount of interest you’ll pay on your home loan overall.

If an emergency bill arrives unexpectedly, you can redraw those extra payments using online banking without any charges.

Home Loan for Self-Employed Borrowers

Self-employed people often struggle to apply for a mortgage with many banks. The strict lending policies with other banks means a self-employed business owner needs to provide the last two years worth of tax returns and financial statements just to try and prove how much they earn.

Unfortunately, the way our financial statements work is to write off all sorts of “paper losses”, that aren’t real deductions on income. In fact, any self-employed person knows that income really does go into their pocket. But the banks don’t see it this way. Instead, they make it really hard for self-employed people to borrow money.

The Resi Lo Doc home loan is easily the best home loan for self-employed borrowers who don’t want the hassle of providing tax returns or financial documents. As long as you’ve been self-employed for at least two years, you don’t need to provide extensive documentation to prove income.

What’s more, the interest rate is set at a competitive rate, which is much cheaper than most of the big banks offer. There’s also no application fee or monthly fee to worry about.

The Resi Lo Doc home loan is extremely flexible, as it will allow you to split your home loan, creating up to four sub-accounts. This is the ideal way to keep personal finances separate from business or investing accounts. As the accounts do have a redraw facility, you can leave excess cash or other amounts you want to keep aside in the home loan and then redraw them only when you need them. Having this type of split loan also makes your reporting much easier at tax time, as you can view each sub-account separately.

Offset Home Loan

Savvy borrowers understand the power of using a 100% offset account as part of their mortgage. The ability to reduce interest charges, plus the benefit of paying off a home loan much faster makes an offset account ideal for many borrowers.

The key to really making an offset account work for you is to have your entire salary credited into the offset portion. Ideally, you should leave as much of your money in there for as long as possible, so only withdraw what you need when you need it.

This way, the amount of interest charged on your home loan is offset by the amount you have in the offset account.

For example: if you owe $100,000 and you have $5,000 sitting in offset, you will only be charged interest on $95,000. This keeps your interest charges low, which maximises the amount being paid off your principal balance with every payment you make.

The Resi BreakTHRU home loan is the best 100% offset home loan for smart borrowers. There are no monthly fees attached to this account, and any amounts in the offset portion can be viewed separately. Obviously, the more money you can leave offsetting your mortgage, the more money you’ll save on interest costs.

You also have the benefit of unlimited free transactions over the Internet, on phone banking or using EFTPOS with your BreakTHRU home loan. You can also link a VISA Debit card to your account to make paying bills a little easier for you.

Home Loan for Renovations

Renovating your home can be the ideal way to add value to a property. Updating the look of a tired kitchen or bathroom, or just modernising an older home can be costly. This is where it becomes important to find the right home loan that will let you access your money as and when you need it most.

The Resi Line of Credit allows you to access the equity in your home easily at a competitive rate. You’re given an agreed credit limit, but you only ever pay interest on the amount you owe. This means you can keep your interest payments to a bare minimum until you actually redraw those funds.

If you’re renovating a home, you will need access to larger amounts of money as your project progresses. You can link a VISA debit card to your line of credit, which allows you to pay for materials and other items you need for your renovation using money directly from your loan.

You’re also able to make any number of payments into the account at any time without penalty. However, during months where cash flow might be a bit tighter than usual, you can drop your payments back and pay only the interest due on the account.

The flexibility of a line of credit also means you can continue to redraw any amounts available up to the approved credit limit. If you’re working your way through a series of renovations, this allows you to repay your line of credit balance over some time and then redraw it again to pay for the next stage of your renovation project without the need to approach the bank for more money.

Home Loan for Non-Resident Investors

Most banks are reluctant to lend money to people who live and work outside of Australia. Yet, plenty of investors are keen to enter the Australian property market. Their biggest obstacle is overcoming the restrictive lending policies set on non-resident borrowers.

Yet, the Resi Non-Resident home loan allows people who live and pay taxes outside of Australia to purchase an investment property. Featuring a competitive interest rate, there is no application fee and no monthly account fees attached to this account.

The loan account is also quite flexible, allowing non-residents to make extra repayments without penalty. There’s also a handy redraw facility that allows the borrower to redraw any extra payments made into the account to help pay for council rates or other expenses they incur as a result of having an investment property.

The Resi Non-Resident home loan is easily accessed online, which allows those people living elsewhere in the world to still view their accounts at any time of the day or night. The secure online banking platform also allows them to make payments or transfer funds.

Home Loan for Construction

Building a new home is exciting. You get to choose all your own colour schemes and your own finishing touches in a house that’s truly your own – from the ground up. What most people don’t realise is that the home loans used for construction purposes are set up a little differently to regular home loans.

You see, when you sign a contract with a licensed builder, you’ll find a schedule for payments to be made in instalments throughout the construction process. These are called “progress payments”, and banks need to set these up properly before the loan begins.

For this reason, it’s ultra-important to choose a home loan that will be suited to construction purposes, but still give you the flexibility you need while your home is being built.

Here’s an example of how a construction loan is set up:

Foundations Poured: 25% of total contract price

First Fix Carpentry Completed: 20% of total contract price

Bricks and Roof Completed: 20% of total contract price

Second Fix/Internal Linings Completed: 15% of total contract price

Practical Completion: 20% of total contract price

In the example above, you can see that that amount you borrow on your home loan isn’t spent all at once. In fact, at the beginning of your new home construction, you should only owe the amount you borrowed to pay for settlement of your vacant block of land.

Once your foundations are completed, Resi Home Loans will send a progress payment directly to the builder for exactly 25% of the contract price. At this point, your loan will increase by that amount, meaning your repayments will alter too.

As the progress of your construction proceeds, your home loan will get bigger and bigger, until the day you get your keys and the house is all yours. On this day, your loan will be “fully drawn down”. This means your home loan will finally be at the full amount you borrowed and your normal repayments will begin.

However, don’t think you won’t make repayments during the construction process. You will. They’re just charged differently to your normal payments.

You see, while your construction loan is being drawn down, you only ever pay interest on the amount that has been used out of your loan. So, for the first few months of the construction process, your interest costs will be quite low each month. This can be very helpful if you’re already paying rent or making mortgage payments elsewhere.

As your home gets built, your loan will increase, meaning your interest payments will also increase. But your full monthly repayment won’t apply until after the construction is complete and you’ve received the keys to your property.

Resi Home Loans offer multiple loan options that are suitable for construction, but the best home loan for this purpose is the Smart Pro Lite home loan. Not only does it allow you to make an unlimited number of extra repayments into your loan while those interest payments are still small, but it’s available at a super-cheap interest rate.

This home loan is extremely competitive. It offers you a great way to keep your costs to a minimum while your home is being built. There is also no application fee and no monthly fees to worry about.

The Resi Difference

The vast range of highly flexible, ultra-competitive home loans available through Resi Home Loans makes it easy to see why they’re one of Australia’s leading non-bank lenders.

Their outstanding personalised customer service and attention to detail mean that all customers are treated professionally and respectfully at all times. This also means that the team at Resi will do everything in their power to help all customers find the perfect loan to suit their own unique financial situation.

Related Resources

• Resi Smart Pro Loan

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