Resi BreakTHRU Home Loan

Rates and Fees verified correct on December 5th, 2016

Save money on your most important purchase with the Resi BreakTHRU Home Loan

The Resi BreakTHRU Home Loan is a full featured home loan which helps you save with a 100% offset account, additional repayment options, and discounts if you keep your LVR low.

This loan can be used for different purposes, and has a variable rate. Note that Resi also offer fixed rate home loans which come with a range of features too.

Things to consider about the Resi BreakTHRU Home Loan

The Resi BreakTHRU Home Loan can be used by first home buyers for the purchase of a new property, or it can be used by borrowers who want to refinance an existing mortgage. The loan can also be used to build a home, as there’s an option to make progressive payments to builders, saving you interest in the process.

  • First home buyers can also use a gift from a family member towards their deposit. Other lenders may want to see proof of savings.
  • This is a full-documentation loan only. Proof of an ongoing income is required to apply for the BreakTHRU mortgage.

Features of the Resi BreakTHRU Home Loan

The Resi BreakTHRU Home Loan combines a low interest rate with a number of value adding features.

  • max LVR. You can borrow up to of the purchase price of your property. If you’re borrowing more than of the purchase price, you will need to pay lender’s mortgage insurance. This can be added to the loan amount provided that it doesn’t take you over LVR.
  • Repayments. You can choose whether you want to pay your loan every week, fortnight or month. There’s also no restriction on making additional repayments to your mortgage. Pay as much over the minimum as you want.
  • 100% offset account. The Resi BreakTHRU Mortgage comes with a 100% offset account. You can deposit your savings, wage or salary into this account to reduce your interest repayments. Any money in the offset account subtracts from the principal loan size.
  • Redraw facility. You can redraw on the extra repayments you make free of charge. You have to request a redraw via telephone or internet banking.
  • Interest-only repayments. You also have the option of paying only the interest component of your loan if you’re in need of extra cash. You can arrange for interest-only repayments for a period of up to 10 years.
  • Account access. A debit card is issued with the Resi BreakTHRU Home Loan. You can use this card to access any additional funds in your account. You can also monitor and access your account through Resi’s telephone and internet banking facilities.

Resi BreakTHRU Home Loan fees

Fees you can avoid

  • Discharge fee. This is only charged when you exit your mortgage with Resi and refinance with another lender.

Fees you can’t avoid

  • Establishment fee: There's an establishment fee of which covers the cost of your application.
  • Legal fees: There are legal fees of with this home loan, which cover the legal processes involved with your home loan.
  • Valuation fees: You'll need to pay to have your home valued by an independent party, which is a requirement by Resi.

How to apply for the Resi BreakTHRU Home Loan

To apply for the Resi BreakTHRU Home Loan, click the ‘Enquire’ button to be directed to a mortgage broker. You can discuss this loan and other options with them, and if interested, proceed to application. You’ll eventually be required to input personal information like your contract details and details of your income and your expenses. Have the following information ready to support your application.

  • Personal details. You’ll need to provide some basic personal information and your contact details.
  • Income and assets. Information about your income, including your employer’s contact information, and information about any assets you own and receive an income from, like a rental property.
  • Expenses and liabilities. For example, information about loan repayments, child support and weekly expenses.

To take advantage of this fully featured loan with a low ongoing variable rate, click on the links and you’ll be directed to the Resi website. You can set up a meeting to discuss with Resi whether this is the right loan for your circumstances.

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This page was last modified on 20 January 2015 at 12:17.

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