Resi Smart Option Home Loan

Rates and Fees verified correct on April 27th, 2017

The Smart Option Home Loan from Resi is a simple solution when shopping for a new mortgage

The Resi Smart Option Home Loan is a basic home loan that offers competitive variable interest rates and charges no application fees. You can also take advantage of up to ten years of interest-only payments if you're an investor or just looking to reduce your repayments for a short period of time.

Things to consider about the Resi Smart Option Home Loan

The Smart Options Home Loan is a full doc loan available for the purchase of a new home or to refinance your existing mortgage. It may also be used towards the purchase of a residential property as an investment.

Features of the Resi Smart Option Home Loan

Home loans come with a variety of different features and options that have different benefits for different circumstances. Consider the features of the Smart Option Home Loan when comparing it to other mortgages:

  • Loan to Value Ratio (LVR). The maximum amount you’re allowed to borrow is of the home's value. If you only borrow or less, you will not be charged with Lender’s Mortgage Insurance (LMI). If you do have to pay LMI you have the option of having it added to your loan instead of paying it when the loan is settled.
  • Loan terms. You can spread the life of this home loan out over .
  • Repayment frequency. Choose to make your repayments either fortnightly or monthly depending on whichever you prefer.
  • Repayment types. The Smart Option Home Loan allows you to make interest-only repayments for up to ten years. You may also make extra repayments when your budget allows.
  • Redraw facility. When you do make additional repayments you can redraw them if your circumstances change and you find yourself in a position to do so.
  • Loan amount. Resi offers this home loan starting from all the way to .
  • Availability. Owner-occupants are eligible for this home loan as well as investors interested in buying a residential property.


Fees you can avoid

  • Maintenance fees. Resi doesn't charge you a monthly or annual fee for maintaining this home loan.

Fees you can’t avoid

  • Establishment fee. is payable to the lender for the establishment of your home loan.
  • Valuation fee. When your secured property is assessed, you will be charged a fee.
  • Discharge fee. When the home loan is discharged you will be required to pay .
  • Legal fee. You will be charged for the legal fees associated with the execution of your home loan.

How to apply for the Resi Smart Option Home Loan

Resi gives you the option of applying for their home loan products online. Resi offers both a 30 second quick application, which you can use to arrange a call back from a mortgage specialist, and a 13 minute full application. Before you begin you should make sure that you can meet their eligibility requirements:

  • Age. All applicants must be at least 18 years of age.
  • Documentation. The Smart Option home loan is a full doc loan. This requires you to disclose detailed reports of your financial records. If you are self-employed or unable to provide these types of documents, you might want to look at a low doc home loan.

If you can meet these requirements, click ‘Go to Site’ to begin filling out your application. You must provide the following information when making an application:

  • Personal information. You will need to supply your full name, address and contact information. You will also be asked to supply your driver’s license number for identification verification.
  • Income. In addition to the details of your employment, be prepared with your pre-tax and taxed income. Include any supplemental income you receive such as from rent or other investments.
  • Assets. Assets include any property you own as well as your vehicles, savings accounts and investment accounts.
  • Liabilities. Be prepared with the balances of any other loans you have and credit card debts. With this you should also be able to give information about the amount of available credit you have.

Filling out the application online should take around 15 minutes. If you prefer, you can contact a loan expert from Resi to assist you with the paperwork.

The Resi Option Home Loan can be compared with similar basic loans offered by other lenders. Be sure that you not only compare rates and fees, but also the different features that are made available to you.

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This page was last modified on 23 March 2017 at 1:30pm.

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2 Responses to Resi Smart Option Home Loan

  1. Default Gravatar
    tina | January 5, 2015

    Refinancing while home has been repossesed

    • Staff
      Marc | January 5, 2015

      Hi Tina,
      thanks for the question.

      I’d recommend contacting Resi directly to discuss your loan application. Alternatively you might want to speak to a mortgage broker to see what lenders will offer refinancing options while your home is repossessed.

      I hope this helps,

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