Resimac Prime Standard - Resimac
Variable rateOffsetRedraw
The Resimac Prime product offers great rates and can cater for either PAYG or self-employed applicants looking to purchase, refinance, consolidate debt or for cash out purposes. Distributed through our accredited broker network.
- Interest rate a year, from
- 6.94%
- Comparison rate
- 6.98%
- Upfront fees
- $254
- Annual fee
- Not published
- Monthly fee
- Not published
Monthly repayment
$600,000 over 30 years
What it would cost
At the lowest rate of 6.94% (variable, live in, principal and interest). The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.
- Monthly repayment
- $3,968
- Total repayments
- $1,428,360
- Interest
- $828,360
Rates
Every rate Resimac publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.
| Rate | Property | Repayments | LVR | Interest rate | Comparison rate |
|---|---|---|---|---|---|
| Variable | Live in | Principal and interest | 1% to 70% | 6.94% | 6.98% |
| Variable | Live in | Principal and interest | 70% to 80% | 7.04% | 7.08% |
| Variable | Live in | Principal and interest | 80% to 90% | 7.14% | 7.18% |
| Variable | Live in | Principal and interest | 90% to 95% | 7.24% | 7.28% |
| Variable | Live in | Interest only | 1% to 70% | 6.94% | 6.98% |
| Variable | Live in | Interest only | 70% to 80% | 7.04% | 7.08% |
| Variable | Investment | Principal and interest | 1% to 70% | 7.14% | 7.18% |
| Variable | Investment | Principal and interest | 70% to 80% | 7.24% | 7.28% |
| Variable | Investment | Principal and interest | 80% to 90% | 7.34% | 7.38% |
| Variable | Investment | Principal and interest | 90% to 95% | 7.44% | 7.48% |
| Variable | Investment | Interest only | 1% to 70% | 7.14% | 7.18% |
| Variable | Investment | Interest only | 70% to 80% | 7.24% | 7.28% |
| Variable | Investment | Interest only | 80% to 90% | 7.34% | 7.38% |
| Variable | Investment | Interest only | 90% to 95% | 7.44% | 7.48% |
Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Fees and features
Fees
- Upfront fees
- $254
- Annual fee
- Not published
- Monthly fee
- Not published
Features
- Offset account
- Yes
- Redraw
- Yes
- Highest LVR
- 95%
- Loan amount
- From $50,000 up to $3,500,000
How it compares
Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.
Variable rate
7.04%
For a home you live in, paying principal and interest. Typical is 6.62%.
Comparison rate
7.08%
For the same rate. Typical is 6.70%.
Upfront fees
$254
Typical upfront fees are $600.
Smallest deposit
5%
Most loans need at least 10% of the price.
Pros and cons
Pros
- An offset account. Money in it is taken off your balance when interest is worked out, so your savings and pay cut the interest while staying easy to reach.
- Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
- Redraw. You can take back extra repayments later if you need the money.
- No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
- Interest only available. Some investors use it to keep repayments down for a few years, though the balance doesn't fall in that time.
Cons
- A $55 late payment fee. Setting up automatic repayments avoids it.
Similar home loans
Home loans from other lenders with a similar starting variable rate, for a home you live in with a 20% deposit.
- Variable rate from
- 7.04%
- Comparison rate
- 7.07%
- Variable rate from
- 7.04%
- Comparison rate
- 6.71%
- Variable rate from
- 7.04%
- Comparison rate
- 7.13%
