I'm looking at refinancing our current home loan with Resimac. This is the first time I had ever heard of this organisation.
Was hoping if anyone could share knowledge/experiences (positive or negative) about them.
Was recommended by broker says rates are low.
Resimac – low??!?? really…. how much are you borrowing? + what LVR??
Had mix response from previous Resimac clients; and fortunately more negative…
Positive- ” Nobody else would lend to me at that time, so im happy Resimac was able to…. at the given LVR”
Negative – ” Their rates changes ( upwards) over a short period of time… especially for us existing customers..”Being a Non-bank ( Ie they do NOT hold the funds under their name); they pack their funds ( securities) into little mortgages, so really they have no control over how much it will cost them to package these funds as it changes on a regular basis based on how much they can securitise at any one time— hence why their rate movement are quite liquid.
So really i would only use a Non-bank ( note their is a BIG diff btw non-banks and “small” banks/ credit unions/ teir 2 lenders etc…) if and only if
1. Your situation is unique enough, that ANY traditional/small banks or credit union will not lend you the money at a “reasonable” rate.
2. There’s a particular feature that the non-bank offers that will help you with your future investment.Remember; rate can and DOES change….a mortgage is a long term commitment- not something you will be changing on a regular baisis; so make sure the company your been recommended is stable, does what you need, full fills YOUR requirements and not a “short ” term solution.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Michael my sentiments exactly.
Hardly call Resimac competitive when it comes to interest rates and well who knows who will be owning your loan in 6 months time. Could well be a German Superannuation Fund or a Bank of Mellon Investor the list is endless.
Remember the flight to safety after the GFC well the same is true now.
And dont let your Broker tell you they are owned by Westpac because that clearly is not true.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
ozinvest wrote:Was recommended by broker says rates are low.Was that the basis for the recommendation? Which banks are you refinancing from? I wouldn't be using resimac purely for a lower rate.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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