Resi Complete Home Loan

Rates and Fees verified correct on December 11th, 2016

Enjoy a range of money and time saving features with the Complete Home Loan

The Resi Complete Home Loan offers a range of features including repayment flexibility and different interest types that could help you adjust to your new budget. Resi is a well established non-bank lender in Australia, recognised many times for offering competitive products.

Resi also offers the Flexi Options Home Loan, a mortgage that could help you stay in control of the way your loan is structured. With a 100% offset account, you also get the opportunity to pay down your interest owed sooner.

Product NameResi - Complete Home Loan
Interest Rate TypeVariable
Interest Rate (p.a.)5.27%
Comp Rate^ (p.a.)5.32%
Minimum Loan Amount$30,000
Maximum Loan Amount$2,000,000
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountNo
Mortgage 100% OffsetNo
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$0
Lender's Legal Fee$385
Valuation Fee$264
Ongoing Fees$0 p.a.
Settlement Fee$0
Discharge Fee$295

Pros

  • There is a $0 application fee
  • There is an ongoing annual fee of $0
  • You can make extra payments with no penalties
  • You can access extra funds via the free redraw facility

Cons

  • There is a $264 valuation fee
  • There is a $385 legal fee
  • A $295 discharge fee applies when you close your home loan account

Things to consider about the Resi Complete Home Loan

The Complete Home Loan from Resi is a full doc home loan that can be used towards the purchase of an owner occupied home or a residential investment property. You may also use part of the funds to consolidate your other debts.

This home loan can be used for those refinancing, and has loan portability, meaning you can move it to another property later on.

Features of the Resi Complete Home Loan

This home loan offers a range of competitive features, but doesn't offer a 100% mortgage offset account, although as mentioned above this is offered on other Resi home loans.

  • Loan to value ratio (LVR). The maximum value of the loan can be 95% of the property value that is being used as security. If you choose to borrow 80% or less of the homes value, you will not be charged Lender's Mortgage Insurance (LMI).
  • Loan terms. This has a maximum 30 years term.
  • Repayment frequency. You can make your repayments weekly, fortnightly, or monthly. Plus, you can make extra repayments at any time, which can help you to save money in interest costs.
  • Repayment types. You can also choose to make interest-only repayments for up to 10 years to help your cash flow.
  • Redraw facility. You are allowed to redraw any extra money you put towards your home loan and use it for any range of reasons. There are no fees charged to use this facility.
  • Loan amount. Borrow anywhere from $30,000 to $2,000,000 with this home loan. This means it can be used to refinance a home loan which is almost paid off, or an expensive home or investment property.

Fees

Fees you can avoid

  • Establishment fees. Resi do not charge you for the establishment of the home loan.
  • Annual fee. There are no charges applied to your loan for monthly or yearly maintenance.
  • Redraw fees. You are not charged a surcharge for taking advantage of the redraw facility.

Fees you can’t avoid

  • Valuation fee. This is a $264 charge for determining the value of the property to be used as security.
  • Discharge fees. This is a $295 charge if you intend to exit the loan before the agreed loan term.
  • Legal fees. The lender will charge you $385 for legal fees associated with setting up your loan.

How to apply for the Resi Complete Home Loan

Before getting started make sure that you are able to meet the following eligibility requirements:

  • Age. Only applicants who 18 years of age or over can apply for this loan.
  • Documentation. This is a full doc loan meaning that you will need to be able to provide your full financial records. For a self-employed applicant, a low doc loan may be better suited.

If you match those requirements, fill in the mortgage broker box on the left. You will need to provider the following information:

  • Driver’s licence. For identification purposes you will be asked to provide your driver’s licence number.
  • Income. You will have to show all of your sources of income, including your salary, investments and any other sources.
  • Liabilities. This is a list of your current debts. You will need to report any outstanding loans and credit card balances. Make sure that you also know how much available credit you have.

Before deciding on this, or any home loan, make sure that it has the features that you are looking for.


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Resi Complete Home Loan Interest Rate History vs RBA Cash Rate Graph


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This page was last modified on 21 January 2015 at 15:59.

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Resi - Complete Home Loan

  • Interest Rate

    5.27% p.a.

  • Comparison Rate

    5.32% p.a.

  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR

    80%

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