Finty
Resimac

Resimac Specialist Alt Doc Plus - Resimac

Variable rateOffsetRedraw

The Resimac Specialist Alt Doc product has been specifically tailored to suit the needs of self-employed borrowers who fall outside lending guidelines and who require alternative methods of income verification. Distributed through our accredited broker network.

Written byDavid Boyd
Interest rate a year, from
8.94%
Comparison rate
9.05%
Upfront fees
$55
Annual fee
Not published
Monthly fee
Not published

Monthly repayment

$600,000 over 30 years

What it would cost

At the lowest rate of 8.94% (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
$4,802
Total repayments
$1,728,668
Interest
$1,128,668

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.

RatePropertyRepaymentsLVRInterest rateComparison rate
VariableLive inPrincipal and interest1% to 70%8.94%9.05%
VariableLive inPrincipal and interest70% to 80%9.04%9.15%
VariableLive inPrincipal and interest80% to 85%9.54%9.65%
VariableLive inInterest only1% to 70%8.94%9.05%
VariableLive inInterest only70% to 80%9.04%9.15%
VariableInvestmentPrincipal and interest1% to 70%9.24%9.35%
VariableInvestmentPrincipal and interest70% to 80%9.34%9.45%
VariableInvestmentPrincipal and interest80% to 85%9.84%9.95%
VariableInvestmentInterest only1% to 70%9.24%9.35%
VariableInvestmentInterest only70% to 80%9.34%9.45%
VariableInvestmentInterest only80% to 85%9.84%9.95%

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
$55
Annual fee
Not published
Monthly fee
Not published

Features

Offset account
Yes
Redraw
Yes
Highest LVR
85%
Loan amount
From $50,000 up to $1,500,000

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

9.04%

For a home you live in, paying principal and interest. Typical is 6.62%.

Comparison rate

9.15%

For the same rate. Typical is 6.70%.

Upfront fees

$55

Typical upfront fees are $600.

Smallest deposit

15%

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 higher variable rate. 9.04%, above the typical 6.62%. On a $600,000 loan, every 0.10% more costs about $600 a year.
  • 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.