The flexibility of the Flexi Options Home Loan starts with its interest rates; from which you can choose to have either a fixed or variable rate. Fixed terms are available at two and three years at a moderate fixed rate for owner-occupiers and moderately high for investors.
If you have at least a 20 per cent deposit, you will be offered a very low rate for the variable option and a moderately high rate if you have from a five to a 20 per cent deposit. Be sure you factor in the upfront cost or the additional cost to your loan due towards lender’s insurance if your deposit is smaller than 20 per cent.
Note that you will have to be borrowing at least $250,000 in order to qualify for the Flexi Options Home Loan, however you can use this loan for home and investment property purchases, refinancing or building.
You can choose when you pay, with the option to make monthly, fortnightly and weekly repayments, and how you pay, with an interest-only repayment option that can be paid monthly for up to 10 years.
Extra repayments can also be made at any time, regularly or as a lump sum, without penalty and there is a free redraw facility that can be accessed online or over the phone to redraw these funds.
A 100 per cent offset account allows for even more freedom, with the chance to significantly reduce the total amount you have to pay in interest if you’re able to upkeep the balance in this savings account.
The loan portability option allows you to take this loan with you if you decide to move homes during your loan term or if you’re an investor wanting to switch the security on your loan.
Additionally, a debit card will be issued to you with the Flexi Options Home Loan.
Who is the RESI Mortgage Corp Flexi Options Loan good for?
The high minimum loan amount of $250,000 makes the Flexi Options Home Loan available only to customers looking to borrow at least this amount. While open to owner-occupiers, investors, refinancers and for building, this loan would best suit borrowers with a greater deposit saved up in order to take advantage of the lower rates offered.
Review - What RateCity says
The RESI Mortgage Corp Flexi Option Home Loan really does provide flexibility through the range of offered features. However, the cost benefit you receive from this loan depends on your borrowing amount and deposit size since the lower available interest rates are offered to borrowers with greater deposits.
If you are making a smaller deposit under 20 per cent, you will be subject to the higher range of variable interest rates offered plus the cost of lenders mortgage insurance. When you factor in the entry and exit fees on this loan, this could add up to quite a hefty cost.
If you’re unsure what your borrowing power is, it’s a good idea to speak to a personal financial advice provider so you can determine exactly which rate you will be offered to see if this loan meets your bottom line.
RESI Mortgage Corp Flexi Options Loan Options
The RESI Mortgage Corp Flexi Options Loan is offered at fixed and variable interest rates for different deposit sizes which can be researched further at the provided links.
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Advertised rate4.30%Fixed - 2 years
Advertised rate4.50%Fixed - 3 years
Advertised rate4.70%Fixed - 2 years
Advertised rate4.83%Fixed - 3 years