Resimac home loan repayment calculator

Thinking about taking out a home loan with Resimac? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Resimac home loans compare with other options.

I'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.29 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • Large variety of home loans
  • Loans can accommodate borrowers with small deposits
  • Competitive interest rates
  • Loans are open to a wide range of borrowers
  • Limited branch network
  • Some products include ongoing fees

Resimac home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

2.29%

Variable

$330

2.66%

$299 annually
Resimac
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2.69%

Variable

$330

2.73%

$0
Resimac
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2.39%

Variable

$330

2.76%

$299 annually
Resimac
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2.69%

Variable

$330

2.76%

$299 annually
Resimac
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2.89%

Variable

$330

2.80%

$0
Resimac
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2.79%

Variable

$330

2.83%

$0
Resimac
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2.79%

Variable

$330

2.86%

$299 annually
Resimac
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2.99%

Variable

$330

2.90%

$0
Resimac
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2.54%

Variable

$330

2.94%

$299 annually
Resimac
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2.94%

Variable

$330

2.98%

$0
Resimac
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2.94%

Variable

$330

3.01%

$299 annually
Resimac
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2.64%

Variable

$330

3.04%

$299 annually
Resimac
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3.14%

Variable

$330

3.05%

$0
Resimac
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3.04%

Variable

$330

3.08%

$0
Resimac
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3.04%

Variable

$330

3.11%

$299 annually
Resimac
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3.24%

Variable

$330

3.15%

$0
Resimac
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3.16%

Variable

$330

3.20%

$0
Resimac
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3.36%

Variable

$330

3.40%

$0
Resimac
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3.06%

Variable

$330

3.41%

$299 annually
Resimac
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3.41%

Variable

$330

3.45%

$0
Resimac
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3.56%

Variable

$330

3.50%

$0
Resimac
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4.36%

Fixed - 3 years

$330

3.56%

$299 annually
Resimac
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4.51%

Fixed - 3 years

$330

3.56%

$299 annually
Resimac
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3.26%

Variable

$330

3.61%

$299 annually
Resimac
More details

3.61%

Variable

$330

3.65%

$0
Resimac
More details

3.31%

Variable

$330

3.66%

$299 annually
Resimac
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3.46%

Variable

$330

3.68%

$299 annually
Resimac
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3.76%

Variable

$330

3.70%

$0
Resimac
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3.71%

Variable

$330

3.75%

$0
Resimac
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3.74%

Variable

$330

3.78%

$0
Resimac
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4.66%

Fixed - 3 years

$330

3.82%

$299 annually
Resimac
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4.81%

Fixed - 3 years

$330

3.83%

$299 annually
Resimac
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3.51%

Variable

$330

3.85%

$299 annually
Resimac
More details

3.66%

Variable

$330

3.87%

$299 annually
Resimac
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4.56%

Fixed - 3 years

$330

3.88%

$299 annually
Resimac
More details

3.96%

Variable

$330

4.00%

$0
Resimac
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3.97%

Variable

$829

4.01%

$0
Resimac
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4.12%

Variable

$829

4.06%

$0
Resimac
More details

4.16%

Variable

$330

4.07%

$0
Resimac
More details

4.76%

Fixed - 3 years

$330

4.08%

$299 annually
Resimac
More details

4.07%

Variable

$829

4.11%

$0
Resimac
More details

4.86%

Fixed - 3 years

$330

4.14%

$299 annually
Resimac
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5.01%

Fixed - 3 years

$330

4.15%

$299 annually
Resimac
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4.22%

Variable

$829

4.16%

$0
Resimac
More details

4.27%

Variable

$829

4.30%

$0
Resimac
More details

5.06%

Fixed - 3 years

$330

4.34%

$299 annually
Resimac
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5.21%

Fixed - 3 years

$330

4.35%

$299 annually
Resimac
More details

4.42%

Variable

$829

4.36%

$0
Resimac
More details

4.37%

Variable

$829

4.40%

$0
Resimac
More details

4.52%

Variable

$829

4.46%

$0
Resimac
More details

Resimac customer service

Resimac home loan customers can contact customer support through the contact centre, email or the online enquiry form. For loan application enquiries, Resimac can put you in touch with a local mobile loans consultant.

  • Customer service centre (phone)
  • Online banking
  • Email
  • Branch
  • Mobile banking staff

How to apply for a Resimac home loan

Borrowers wanting to apply for a Resimac home loan can either complete a secure online loan application form, download an application form to print, or call through to the contact centre for more support. 

Before applying for a Resimac home loan, calculate what you can afford to borrow and what other costs you need to consider.

To apply for a Resimac home loan, you will need to supply the following:

  • Proof of identity e.g. driver’s license
  • Proof of income e.g. last two payslips, or last two , tax returns if you’re self-employed
  • Three months of savings history, credit card statements and bank account statements

Resimac home loans review

Because Resimac doesn’t operate traditional bank branches, potential customers will need to contact Resimac directly or go through a broker to apply for a home loan or manage their mortgage.

Resimac offers home loans for owner occupiers and investors. Alt Doc home loans are also available for non-traditional borrowers, such as self-employed Australians and credit-impaired borrowers. You’ll have the option of making principal and interest or interest-only repayments with a Resimac home loan. Resimac’s interest rates tend to be lowest for owner occupiers paying principal and interest, with a low LVR.

It’s possible to borrow up to 95% of the property’s value with a Resimac home loan, though you may need to pay LMI. Borrowers with small deposits may be able to apply for a Resimac home loan with help from a guarantor to secure their loan with the value of their own property.

Some Resimac home loans are available with no annual fee, though you may have the option to pay an annual fee in exchange for a lower interest rate.

Offset accounts and redraw facilities are available with some Resimac home loan options.

Learn more about Resimac

What are the responsibilities of a mortgage broker?

Mortgage brokers act as the go-between for borrowers looking for a home loan and the lenders offering the loan. They offer personalised advice to help borrowers choose the right home loan for their needs.

In Australia, mortgage brokers are required by law to carry an Australian Credit License (ACL) if they offer credit assistance services. Which is the legal term for guidance regarding the different kinds of credit offered by lenders, including home loan mortgages. They may not need this license if they are working for an aggregator, for instance, as a franchisee. In both these situations, they need to comply with the regulations laid down by the Australian Securities and Investments Commission (ASIC).

These regulations, which are stipulated by Australian legislation, require mortgage brokers to comply with what are called “responsible lending” and “best interest” obligations. Responsible lending obligations mean brokers have to suggest “suitable” home loans. This means loans that you can easily qualify for,  actually meet your needs, and don’t prove unnecessarily challenging for you.

Starting 1 January 2021, mortgage brokers must comply with best interest obligations in addition to responsible lending obligations. These require mortgage brokers to act in the best interest of their customers and also requires them to prioritise their customers’ interests over their own. For instance, a mortgage broker may not recommend a lender who gives them a commission if that lender’s home loan offer does not benefit that particular customer.

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

Who has the best home loan?

Determining who has the ‘best’ home loan really does depend on your own personal circumstances and requirements. It may be tempting to judge a loan merely on the interest rate but there can be added value in the extras on offer, such as offset and redraw facilities, that aren’t available with all low rate loans.

To determine which loan is the best for you, think about whether you would prefer the consistency of a fixed loan or the flexibility and potential benefits of a variable loan. Then determine which features will be necessary throughout the life of your loan. Thirdly, consider how much you are willing to pay in fees for the loan you want. Once you find the perfect combination of these three elements you are on your way to determining the best loan for you. 

What is a debt service ratio?

A method of gauging a borrower’s home loan serviceability (ability to afford home loan repayments), the debt service ratio (DSR) is the fraction of an applicant’s income that will need to go towards paying back a loan. The DSR is typically expressed as a percentage, and lenders may decline loans to borrowers with too high a DSR (often over 30 per cent).

What is a bad credit home loan?

A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.

If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

How can I calculate interest on my home loan?

You can calculate the total interest you will pay over the life of your loan by using a mortgage calculator. The calculator will estimate your repayments based on the amount you want to borrow, the interest rate, the length of your loan, whether you are an owner-occupier or an investor and whether you plan to pay ‘principal and interest’ or ‘interest-only’.

If you are buying a new home, the calculator will also help you work out how much you’ll need to pay in stamp duty and other related costs.

How do I refinance my home loan?

Refinancing your home loan can involve a bit of paperwork but if you are moving on to a lower rate, it can save you thousands of dollars in the long-run. The first step is finding another loan on the market that you think will save you money over time or offer features that your current loan does not have. Once you have selected a couple of loans you are interested in, compare them with your current loan to see if you will save money in the long term on interest rates and fees. Remember to factor in any break fees and set up fees when assessing the cost of switching.

Once you have decided on a new loan it is simply a matter of contacting your existing and future lender to get the new loan set up. Beware that some lenders will revert your loan back to a 25 or 30 year term when you refinance which may mean initial lower repayments but may cost you more in the long run.

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

Can I change jobs while I am applying for a home loan?

Whether you’re a new borrower or you’re refinancing your home loan, many lenders require you to be in a permanent job with the same employer for at least 6 months before applying for a home loan. Different lenders have different requirements. 

If your work situation changes for any reason while you’re applying for a mortgage, this could reduce your chances of successfully completing the process. Contacting the lender as soon as you know your employment situation is changing may allow you to work something out. 

What are the pros and cons of no-deposit home loans?

It’s no longer possible to get a no-deposit home loan in Australia. In some circumstances, you might be able to take out a mortgage with a 5 per cent deposit – but before you do so, it’s important to weigh up the pros and cons.

The big advantage of borrowing 95 per cent (also known as a 95 per cent home loan) is that you get to buy your property sooner. That may be particularly important if you plan to purchase in a rising market, where prices are increasing faster than you can accumulate savings.

But 95 per cent home loans also have disadvantages. First, the 95 per cent home loan market is relatively small, so you’ll have fewer options to choose from. Second, you’ll probably have to pay LMI (lender’s mortgage insurance). Third, you’ll probably be charged a higher interest rate. Fourth, the more you borrow, the more you’ll ultimately have to pay in interest. Fifth, if your property declines in value, your mortgage might end up being worth more than your home.

Does Australia have no cost refinancing?

No Cost Refinancing is an option available in the US where the lender or broker covers your switching costs, such as appraisal fees and settlement costs. Unfortunately, no cost refinancing isn’t available in Australia.

Can I get a home loan if I am on an employment contract?

Some lenders will allow you to apply for a mortgage if you are a contractor or freelancer. However, many lenders prefer you to be in a permanent, ongoing role, because a more stable income means you’re more likely to keep up with your repayments.

If you’re a contractor, freelancer, or are otherwise self-employed, it may still be possible to apply for a low-doc home loan, as these mortgages require less specific proof of income.

Will I have to pay lenders' mortgage insurance twice if I refinance?

If your deposit was less than 20 per cent of your property’s value when you took out your original loan, you may have paid lenders’ mortgage insurance (LMI) to cover the lender against the risk that you may default on your repayments. 

If you refinance to a new home loan, but still don’t have enough deposit and/or equity to provide 20 per cent security, you’ll need to pay for the lender’s LMI a second time. This could potentially add thousands or tens of thousands of dollars in upfront costs to your mortgage, so it’s important to consider whether the financial benefits of refinancing may be worth these costs.

Is there a limit to how many times I can refinance?

There is no set limit to how many times you are allowed to refinance. Some surveyed RateCity users have refinanced up to three times.

However, if you refinance several times in short succession, it could affect your credit score. Lenders assess your credit score when you apply for new loans, so if you end up with bad credit, you may not be able to refinance if and when you really need to.

Before refinancing multiple times, consider getting a copy of your credit report and ensure your credit history is in good shape for future refinances.