Resi Smart Pro Lite Home Loan
Using the Resi Smart Pro Lite Home Loan to Save Money
Savvy homeowners know the key to staying in control of finances is to take every opportunity to reduce costs. Keeping interest rates as low as possible is an ideal way to avoid spending more than you really need to.
This is where the Resi Smart Pro Lite Home Loan can be a good solution. With a variable rate of just 6.74%, this is 0.80% lower than the standard rates advertised by the big banks.
If you’re buying a home, or thinking of refinancing an existing mortgage, the low variable rate gives you a way to reduce your minimum monthly payments. There is also no application fee or any ongoing monthly fees to worry about. This frees up the household budget by keeping the monthly payments down. It also eases family cash flow and makes it easier to get ahead financially.
Featured Resi Home Loan
The Smart Option Home Loan offers you a super low rate fixed for 1 year, Plus no ongoing, no application fee.
- Interest Rate of 6.49%
- Comparison Rate of 6.99%
- Application Fee of $0
- Maximum LVR With LMI: 95%
- Minimum Borrowing: $50,000
- Maximum Borrowing: $20,000,000
Case Study 1:
In this example, we’ll assume a mortgage of $250,000. Loan One is held with one of the “Big Banks”. Loan Two is a Resi Smart Pro Lite home loan.
| Loan One “Big Bank” | Loan Two “Resi” | |
| Loan Amount | $250,000 | $250,000 |
| Application Fee | $600 | $0 |
| Monthly Fees | $8 | $0 |
| Minimum Payment Due | $1,780/month | $1,661/month |
| Loan Term | 30 years | 30 years |
| Total Interest paid | $391,043 | $348,167 |
In this example, a home owner gets the benefit of saving money in two ways with the Resi Smart Pro Lite home loan.
1) The interest rate is 0.70% cheaper
2) The minimum monthly repayment due is $119 per month lower, freeing up cash flow
3) The total amount of interest paid over the entire 30 year term is $42,876 lower than compared to the interest charged by the ‘big bank’.
It’s also worth noting that this example doesn’t take into account any extra repayments that may be made. This scenario only looks at paying the minimum payments due each month for a full 30 years.
Imagine how much more you’d save if you changed your repayments over to weekly or fortnightly, instead of monthly?
Rather than imagine it, let’s see how those numbers look:
Case Study 2:
In this scenario, the customer has decided to repay the mortgage fortnightly instead of monthly. It’s always important to remember that the amount you want to pay should be HALF of the minimum monthly payment. Don’t get lured into making weird calculations for how many weeks in a year or dividing by how many days extra in a month.
Just divide the minimum payment by two. You then pay this amount on the same day every fortnight. This will give you a much bigger advantage in the long run – and save you much more money.
Monthly Payments
| Payment Number | Opening Balance | Interest Rate | Payment Made | Closing Balance |
| 1 month | $250,000 | 6.99% | $1,661.58/month | $249,794.67 |
| 1 year | $247,674.45 | 6.99% | $1,661.58/month | $247,455.58 |
| 5 years | $235,593.05 | 6.99% | $1,661.58/month | $235,303.81 |
If this same customer switches over to fortnightly repayments, let’s see how this affects the amount of money paid off the mortgage over the same amount of time.
| Payment Number | Opening Balance | Interest Rate | Payment Made | Closing Balance |
| 1 month | $250,000 | 6.99% | $830.79/fnight | $249,682.23 |
| 1 year | $245,902.50 | 6.99% | $830.79/fnight | $245,732.81 |
| 5 years | $227,782.64 | 6.99% | $830.79/fnight | $227,564.23 |
The scenario above shows that just by paying half the monthly amount every fortnight, this homeowner is able to cut down the mortgage balance to $227,564.23.
This is $7,739.58 more paid off the balance than someone who was stuck making monthly payments.
Over the course of the loan term, the person paying monthly would end up taking the entire 30 years to pay off the mortgage. By comparison, the person paying fortnightly would end up debt free in just 23.7 years. That’s a huge difference.
Related posts:
- Resi Smart Option Home Loan
- Resi Smart Pro Home Loan
- Resi Smart Pro Loan
- Resi Flexi Fix Lite Home Loan
- Resi Low Start Home Loan
- Resi Line of Credit Equity Home Loan
- Resi Lo Doc Pro Lite Home Loan
- Resi Switch & Save Mortgage Refinance
- Resi Complete Home Loan
- Resi Non Resident Home Loan
Top Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
 
|
 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
|
 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded Mortgage of the Year 2012 – this multi-award winner features 100% offset and a loyalty 0.25% rate drop after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
|
 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
|
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