The Resimac Ultra Plus mortgage lets you borrow $200,000 and more on a variable, fixed or split interest rate. You can borrow up to 95 per cent of the property’s value (provided you have lenders’ mortgage insurance) and decide whether you want to structure your loan principle and interest, or interest-only.
If you opt for principal and interest repayments, you can schedule them weekly or fortnightly. If you take the interest only option, you’re limited to monthly repayments only. It’s also worth noting that you have a limited term for interest-only, and a rate surcharge applies to this option.
The interest rate applicable you receive is dependent on the size of your deposit and the amount you borrow.
The Ultra Plus loan gives you the option to make as many additional repayments as you like without penalty. You’ve also got access to a free redraw facility if you need to redraw some of those extra payments made. However, there is no 100 per cent offset account available with the Ultra Plus home loan.
Resimac waives the application fee on new loans. It also provides one free valuation per application up to the value of $300. However, if your valuation is considered to be non-standard, or more than one valuation is required, charges will apply.
The features of the Ultra Plus loan may appeal to first home buyers, owner-occupiers, investors and refinancers.
Environmentally-conscious buyers may like that Resimac plants a tree for every loan settled.
The Ultra Plus home loan gives you the nuts and bolts of a variable, fixed or split interest loan along with features like a free redraw facility and the ability to make additional repayments on the variable rate product. Some of the add-ons popular with borrowers, like a 100 per cent offset account, are not available with this loan, so read the fine print to make sure it ticks all your boxes.
The minimum amount you can borrow with the Ultra Plus home loan is $200,000, and you can choose to make principle and interest, or interest-only repayments.