The variable interest rate offered on the RESI Mortgage Corp Smart Pro Loan will depend on how much you’re borrowing and how big or small your deposit size is – starting with moderate rates for greater deposit sizes and increasing up to a high rate for smaller deposits.
The minimum deposit amount is 5 per cent, however you will have to pay lender’s insurance upfront or as a part of your loan balance if you make smaller than a 20 per cent deposit. The minimum borrowing amount on this loan is $200,000.
And, there is no 100 per cent offset account to help reduce the interest you must pay on this loan, however you can choose to split your loan at any time with a fixed rate portion.
Interest-only repayments can be made for a period up to 10 years which means you can take time to save some cash to later make repayments towards your principal amount or use the funds from selling you investment property following the interest-only term.
If you do sell, you can use these funds to pay off your Smart Pro loan in its entirety since this loan gives you the option to do so. Conversely, if you move homes, you can switch the property your Smart Pro Loan is secured against with the loan portability option.
You can make additional repayments whenever you wish to help you towards the goal of paying this loan off sooner and have the added security offered by the redraw facility of being able to redraw these extra repayments should you need these funds without any penalty fees charged for these features.
The Smart Pro Loan can be repaid in monthly, fortnightly or weekly instalments through phone or internet banking and you will also be given access to a debit card.
Who is the RESI Mortgage Corp Smart Pro Loan good for?
The Smart Pro Loan would be suitable to those securing a loan for their first home, purchasing a new home, looking to refinance or invest, or for borrowers who have a view to move during their loan term. However, this loan is best suited for larger borrowing amounts and for borrowers who have saved up a greater deposit since lower interest rates are offered to these customers.
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One of the biggest downsides to the Smart Pro Loan offered by RESI Mortgage Corp are the amount of fees you will have to pay, including the annual fee charged for this loan that doesn’t offer the range of benefits on extra financial products that many other package loans offer while charging similar annual fees.
And, depending on your borrowing situation, you might have to pay a higher interest rate. The suitability of this loan really comes down to your own situation and what you’re looking to get out of your home loan and it’s a good idea to make a checklist or seek professional advice before moving forward with the application process.
RESI Mortgage Corp Smart Pro Loan Options
Click the corresponding links below to find out more information about the different options offered by RESI Mortgage Corp on the Smart Pro Loan.
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