Unlock the equity in your home
If you’re a homeowner, before you put that next big purchase on your credit card, you may want to consider a line of credit on your home loan.
Laine GordonSep 6, 2011( 3 min read )
Prime Investment Loan - Flex (Interest Only) (LVR 90%-95%)
Discount Variable Home Loan
special
$0 application feeMake the move to UBank's award winning home loan
Advertised Rate
2.84%
Variable
Comparison Rate*
2.84%
Owner Occupier Discounted Variable Rate
No upfront or ongoing feesExtra repayments + redraw services
View NowPromotedUBank terms and conditions
Advertised Rate
4.03%
Variable
Comparison Rate*
4.24%
Maximum LVR
95%
Monthly Repayment
$0
Pros and Cons
Pros
- 100% full offset account
- Suitable for low deposits
- Extra repayments + redraw services
- Free redraw facility
Cons
- Annual fee charged
- Discharge fee at end of loan
- Repayments may increase if RBA raises rates
Resimac Fees and Features
Maximum LVR 95% | Interest rate structure Variable |
Borrowing range $150k - $500k | Total Repayments |
Principal & interest | Interest only |
Loan term range 15 - 30 years | Offset account 100% offset account |
Extra repayments Unlimited extra repayments | Redraw facility Redraw fee: $0 |
Allows split interest | Suitable For Investors |
Applicable States ACT, NSW, NT, QLD, SA, TAS, VIC, WA | |
Estimated upfront fees $330 | Application fee $0 |
Settlement fee $0 | Valuation fee $330 |
Legal fee $0 | Ongoing fee $299 |
Discharge fee $300 | Property Type |
SMSF Trustee | 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.
Resimac Home Loan Calculator
Interested in a Resimac home loan? RateCity has a suite of calculators that can show you what your repayments would be and how Resimac compares to its competitors. Simply plug in your borrowing amount below.
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FAQs
How can I avoid mortgage insurance?
Lenders mortgage insurance (LMI) can be avoided by having a substantial deposit saved up before you apply for a loan, usually around 20 per cent or more (or a LVR of 80 per cent or less). This amount needs to be considered genuine savings by your lender so it has to have been in your account for three months rather than a lump sum that has just been deposited.
Some lenders may even require a six months saving history so the best way to ensure you don’t end up paying LMI is to plan ahead for your home loan and save regularly.
Tip: You can use RateCity mortgage repayment calculator to calculate your LMI based on your borrowing profile
What is a loan-to-value ratio (LVR)?
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.