Prime Flex Fixed Home Loan (Principal and Interest) 3 Years (LVR 90%-95%)
- Last updated on 08 Apr 2020
Fixed - 3 years
based on $350,000 loan amount for 25 years
- Suitable for low deposits
- Repayments will not change during fixed period
- No redraw and no offset
- Annual fee charged
- Discharge fee at end of loan
- Repayments won't decrease if RBA cuts rates
Interest rate structure
Fixed - 3 years
$150k - $2m
Principal & interest
Loan term range
15 - 30 years
Unlimited extra repayments
Allows split interest
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Estimated upfront fees
Minimum SMSF Amount
Compare and review home loans with similar features
Resimac is a non-bank lender that’s been operating since 1985. In 2016, the business merged with specialised Australian mortgage provider, Homeloans.com.au.
Resimac is an ASX-listed lender that focuses on providing a broad range of home loans, an exclusive customer benefits program, and a network of over 12,000 broker partners.
Resimac doesn’t have traditional branches, but has a number of satellite sales offices nationwide. Resimac is also a Carbon Conscious lender and plants a tree for every settled home loan.
Real Time RatingsTM looks at your individual home loan requirements and uses this information to rank every applicable home loan in our database out of five.
This score is based on two main factors – cost and flexibility.
Cost is calculated by looking at the interest rates and fees over the first five years of the loan.
Flexibility is based on whether a loan offers features such as an offset account, redraw facility and extra repayments.
Real Time RatingsTM also includes the following assumptions:
- Costs are calculated on the current variable rate however they could change in the future.
- Loans are assumed to be principal and interest
- Fixed-rate loans with terms greater than five years are still assessed on a five-year basis, so 10-year fixed loans are assessed as being only five years’ long.
- Break costs are not included.
A loan-to-value ratio (otherwise known as a Loan to Valuation Ratio or LVR), is a calculation lenders make to work out the value of your loan versus the value of your property, expressed as a percentage. Lenders use this calculation to help assess your suitability for a home loan, and whether you need to pay lender’s mortgage insurance (LMI). As a general rule, most banks will require you to pay LMI if your loan-to-value ratio is 80 per cent or more. LVR is worked out by dividing the loan amount by the value of the property. If you are looking for a quick ball-park estimate of LVR, the size of your deposit is a good indicator as it is directly proportionate to your LVR. For instance, a loan with an LVR of 80 per cent requires a deposit of 20 per cent, while a 90 per cent LVR requires 10 per cent down payment.
LOAN AMOUNT / PROPERTY VALUE = LVR%
While this all sounds simple enough, it is worth doing a more accurate calculation of LVR before you commit to buying a place as there are some traps to be aware of. Firstly, the ‘loan amount’ is the price you paid for the property plus additional costs such as stamp duty and legal fees, minus your deposit amount. Secondly, the ‘property value’ is determined by your lender’s valuation of the property, not the price you paid for it, and sometimes these can differ so where possible, try and get your bank to evaluate the property before you put in an offer.