The Resi Flexi Options Home Loan lets you customise your home loan and save money on interest with a 100% offset account
With the Flexi Options Home Loan from Resi you can construct a home loan to suit your circumstances and enjoy interest-only payments and different repayment options. Plus, with a 100% offset account, you're able to save money on interest each month.
The Complete Home Loan from Resi also offers many of the same features but without the 100% offset account. The variable interest rate is slightly lower, making it something to consider if the offset account is not an important feature to you.
| Product Name | Resi Flexi Options |
|---|---|
| Interest Rate Type | Variable |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $200,000 |
| Maximum Loan Amount | $2,000,000 |
| Minimum Loan Term | 1 year |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 95% |
| Mortgage Offset Account | Yes |
| Mortgage 100% Offset | Yes |
| Loan Redraw Facility | Yes |
| Fixed Interest Option | Yes |
| Loan Portable | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | No |
| Repayment Type | Principal & Interest and Interest Only Options |
| Application Fee | $150 |
|---|---|
| Lender's Legal Fee | $385 |
| Valuation Fee | $264 |
| Ongoing Fees | $10 monthly ($120 p.a.) |
| Discharge Fee | $295 |
Pros
- There is $10 ongoing monthly fees
- You can link a 100% offset account to your home loan
- Make extra payments and withdraw them via the free redraw facility
Cons
- There is a $150 establishment fee
- 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 Flexi Options Home Loan
The Flexi Options Home Loan is a full doc home loan that can be used to purchase or refinance a home, or can also be used by investors looking to add a property to their portfolio.
Features of the Resi Flex Options Home Loan
- Loan to Value Ratio (LVR). The maximum Loan to Value Ratio for this loan is 95% with Lender’s Mortgage Insurance (LMI). You can avoid Lender's Mortgage Insurance (LMI) by keeping your LVR below 80% of the property's value.
- Loan terms. This home loan has a maximum loan term of 30 years.
- Repayment frequency. You may choose to make weekly, fortnightly or monthly repayments with the Flexi Options Home Loan.
- Repayment options. You can choose to make interest-only repayments for up to ten years with this loan if you wish to have extra cash on hand. You can also make extra repayments at will when your budget allows.
- Redraw. The Flexi Options Home Loan allows for you to redraw extra repayments when you need to.
- 100% offset account. An offset account is a part of this loan, but shown separately on your statement to make it easier to differentiate. The balance of this account offsets the principal you owe, lowering your interest payments monthly. For example, having $20,000 in your offset account on a home loan of $200,000 would see you only have to pay interest on $180,000.
- Loan amount. Borrow anywhere between $200,000 and $2,000,000 with this loan.
Fees
Fees you can avoid
- Maintenance fees. There are no monthly or annual fees to be paid with this loan.
- Redraw fees. If you take advantage of your redraw facility, you will not incur any fees.
Fees you can’t avoid
- Establishment fee. There is a $150 fee paid to the lender for the establishment of this loan.
- Valuation fee. You will be responsible for the $264 charge for determining the value of the secured property.
- Discharge fee. At the time you exit this loan, you will be charged $295.
- Legal fees. Resi will expect a payment of $385 for the legal fees associated with the loan.
How to apply for the Resi Flexi Options Home Loan
Resi allows you to apply for their products online or you can request help from a home loan specialist. Before continuing forward, make sure that you first meet the following eligibility requirements:
- Age. You have to be 18 years of age to be considered for this loan.
- Documentation. When applying for a full doc loan such as this one, you will be asked to provide very specific financial information, including evidence of regular income. If your type of employment does not enable this, you may want to look into a low doc loan.
If you can meet these requirements click ‘Go to Site’ to be taken to the application page. Here you can commence with the application. You will need to provide the following information:
- Personal information. This will include your complete name, address, date of birth and contact information. When applying online you will also be asked to provide a driver’s licence number for identification verification.
- Income. Have your employment details ready, including the address and contact information. You will also need your pre-tax and taxed earnings plus any other income you may receive, such as from investments.
- Assets. Your personal assets include all property, vehicles and savings accounts that you hold.
- Liabilities. This is a list of your current debts, including other loan and credit card balances plus the amount of available credit you have.
The time it takes to fill out the application should be around 15 minutes. If you need assistance you can request help from a Resi home loan consultant.
Take into consideration all of the features and options available to you when it comes to choosing a home loan. Look for the lender that is offering the best rates and lowest fees but that also has the benefits that are a priority for you.
