Effective now, Resi Select is changing interest rates for fixed rate home loans for Owner Occupiers making Principal and Interest repayment and Residential Investors.
Rate changes as follows:
For more important information on comparison rates, please refer to ‘Important Information’ section below.
Eligibility applies to:
- New fixed rate home loans on or from Wednesday 1 May 2024
- Existing customers who apply to fix all or a portion of their existing variable rate loan, will also be able to access the new rate on or from Wednesday 1 May 2024
- The above fixed rate changes do not impact existing fixed rate loans
Lock Rate
The actual fixed rate that will apply will be the effective fixed rate as at the time of settlement, unless the customer takes out Lock Rate. Lock Rate can give your customers fixed-rate certainty for 90 days from the date the lock rate application is submitted. A Lock Rate fee of $395 applies where the Lock Rate option is requested. For more details, please refer to the Lock Rate Authority Form.
Pipeline applications for new fixed interest rate home loans:
- The fixed interest rate that will apply to pipeline applications will be the applicable fixed rate at the time of settlement, except where Lock Rate applies
- If Lock Rate applies, the fixed interest rate that will apply is the fixed rate as at the date the Lock Rate Authority Form was lodged
Existing customers & changes to home loans
Customers who make a request to switch from a variable to a fixed rate, or to re-fix1 their rate before Wednesday 1 May 2024 will receive the rate that applied at the time Resi receives the Fixed Rate Authority form. Existing fixed rate loan customers should consider the remaining term and any economic cost that may apply, if they decide to re-fix1, before the expiry of their current fixed rate term.
- For clarity, any requests switching from a variable to a fixed rate or re-fix1 a rate on or after Wednesday 1 May 2024 will receive the new fixed rates
For more important information on comparison rates, please refer to ‘Important Information’ section below.
Don’t forget the benefits of choosing Resi Select
- A digital end-to-end service experience to support you with efficient lodgement and processing of your applications
- Direct access to credit managers, with optimal turnaround times for quality applications
- A 24-hour turnaround (SLAs)
- Customer Net Promoter Score (NPS) +6 and Broker NPS +38 in Advantedge Broker and Customer Satisfaction Surveys July 2023
To access the rate cards, click here.
If you have any questions, please contact your Resi BDM or Broker Support.
1 Fixed rate loans may be subject to significant break costs. Interest rates, fees and charges are subject to change. Fees and charges apply to all Resi Select products. Refer to the Fees and Charges Booklet on your aggregator’s software for full details. Fees and charges are current and may be introduced or varied in accordance with loan terms.
2 Comparison rates are based on a secured loan of $150,000 over a term of 25 years.
WARNING: This comparison rate applies only to the examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
3 Advantedge Broker Satisfaction Surveys July 2023 includes brokers who have submitted a deal in the last six months. These are aggregated numbers across Advantedge brands.
For Broker and Advantedge distribution team use only. Information, rates and offers are correct as at Wednesday 1 May 2024 and are subject to change.
Fees and charges apply to Resi Select products. Interest rates, fees and charges are subject to change. Terms and Conditions apply to all Resi Select products and are available on request. Lending criteria apply.
