The RESI Mortgage Corp Complete Loan has a minimum and a maximum loan amount, with a maximum loan term of 30 years.
Customers can borrow up to 95 per cent of the value of the property, however lenders mortgage insurance is charged on loans over 80 per cent.
Repayments can be made weekly, fortnightly and monthly as either principal and interest or interest-only.
Borrowers are also permitted to make additional repayments and can access these payments through a free redraw facility.
There is also a partial offset account for those wanting to use their savings to reduce the interest paid on the loan.
The loan can also be transferred to another property via a portability option and can be split between variable and fixed rates.
The RESI Mortgage Corp Complete Loan is good for homebuyers who want the flexibility of a variable rate loan and repayment options with no ongoing fees.
Investors may be attracted to the option to make interest-only repayments.
The RESI Mortgage Corp Complete Loan is a full-featured variable rate loan that gives homeowners a lot of flexibility in how they repay their loan, with no ongoing fees.
The loan offers the option for additional repayments, free redraws and an offset account, which may suit those wanting to pay off their mortgage more quickly. Customers also have the option to split the loan or transfer it to a new property, which is valuable for those looking to buy and sell.
However, while the loan has no ongoing fees, there are high upfront fees and the variable interest rate is high for both owner-occupiers and investors. This means the loan may be better suited to those wanting all the features offered, as variable loans with similar features and lower rates may be available elsewhere.
The RESI Mortgage Corp Complete loan is a variable rate loan for owner-occupiers and investors.