Resimac Home Loan Options
Resimac offers the following home loan products. Please note that these may not be available for borrowers from overseas. Speak with us to discuss your best options.
Variable Rate Loan
Fixed Rate Home Loan
Variable rate loans are a popular choice if you want flexibility and the potential to benefit from lower interest rates. Resimac offers a range of variable rate home loans with competitive interest rates and flexible features.
- Interest Rate Flexibility: Variable rates fluctuate with market conditions, offering the potential for lower repayments when rates are low.
- Redraw Options: Access a portion of your repayments without penalty, providing financial flexibility.
- Offset Accounts: Link your loan to an offset account to reduce interest repayments by holding funds in the account.
Fixed rate loans provide you with certainty and stability in your repayments. The lender offers a range of fixed rate home loans with competitive interest rates and flexible terms.
- Fixed Interest Rate: Repayments remain constant for the fixed term, providing budgeting predictability.
- Lock-in Periods: Choose a fixed rate term that aligns with your financial goals and risk tolerance.
- Repayment Options: Select principal and interest or interest-only repayments during the fixed rate period.
Catering to borrowers who cannot meet the 5% genuine savings requirement, non-gen loans allow you to utilise alternative sources of funds for your deposit, such as gifts from family or friends.
- Alternative Deposit Sources: Accept gifts from family or friends, equity from other properties, or borrowed funds as part of the deposit.
- Flexible Lending Criteria: Consider borrowers with non-traditional income sources or limited credit history.
- Competitive Interest Rates: Offer competitive rates comparable to traditional home loans.
Resimac Home Loan Review
Here are the pros and cons of choosing Resimac Group to buy property in Australia.
Flexible lending criteria
Higher interest rates than major banks
No foreign currency conversion fees
Potentially higher fees
Dedicated expat team
Limited branch access
Features of Resimac Home Loans
Resimac can help you get the following home loan features.
Allows you to redraw a portion of your repayments without penalty, providing flexibility to access funds for various purposes, such as home renovations or unexpected expenses. This feature offers convenience and financial control over your home loan.
Allows you to reduce your loan term and potentially save on interest charges. This feature accelerates debt repayment and can lead to significant savings over the life of your loan.
Professional Package Discounts
Discounted interest rates for borrowers who utilise professional services, such as mortgage brokers, financial advisors, and conveyancers. This partnership approach recognises the value of professional guidance in the home loan process and rewards borrowers for seeking expert advice.
Interest Only Home Loans
Offers interest-only payments for a specified period, typically during the initial years of the loan term. This option reduces your monthly repayments, making it easier to manage your finances during the establishment phase of your homeownership journey.
Facts About Resimac
How Do I Apply for an Expat Mortgage with Resimac?
Applying for an Australian expat home loan with Resimac involves several steps to ensure a smooth and successful process. Here’s a comprehensive guide to help you navigate the application process.
- Check Eligibility: Before diving into the application process, it’s essential to ensure you meet the eligibility criteria for Resimac’s expat home loans. You can check out the details on this below.
- Gather Documentation: To support your application, you’ll need to gather the necessary documentation, including documents such as proof of your identity (passport, birth certificate) and property details (property valuation report, contract of sale).
- Pre-Approval: Once you’ve gathered the required documents, initiate the pre-approval process. This involves working with a mortgage broker to assess your eligibility and provide an indicative loan offer.
- Formal Application: Upon receiving a pre-approval, proceed with the formal application. This involves completing the application form, providing additional documentation as requested, and accepting the final loan offer.
- Valuation and Final Approval: The lender will arrange for an independent valuation of the property you intend to purchase. Once the valuation is complete and your application has been thoroughly reviewed, you’ll receive final approval for your expat home loan.
- Settlement and Loan Funding: Once your loan is approved, work with your conveyancer to finalise the property settlement process. Upon settlement, the lender will disburse the loan funds, allowing you to complete the purchase.
Consider working with a mortgage broker specialising in expat mortgages, such as Odin Mortgage. They can guide you through the process, negotiate with lenders on your behalf, and help you find the best loan option for your specific needs.
Who is Eligible?
Resimac Group offers a range of home loan products to cater to diverse borrower needs, including Australian expats, permanent residents, and foreign investors living overseas.
Australian expats can apply for Resimac’s expat home loans if they meet the following criteria:
- Australian citizenship or permanent residency
- Age of 18 or over
- Stable overseas income
- Good credit history
- Sufficient deposit (typically 10-20%)
Resimac Group considers overseas income for expat borrowers, allowing them to leverage their global earnings towards their property purchase in Australia.
Aussie permanent residents living overseas can also apply for expat home loans, subject to the same eligibility criteria as mentioned above. Their permanent residency status strengthens their application and demonstrates their ties to Australia.
Foreign investors living overseas can apply for foreign investor home loans, which cater specifically to non-Australian citizens or permanent residents. The eligibility criteria for foreign investors include:
- Valid passport from their country of residence
- Age of 18 or over
- Stable overseas income
- Good credit history
- Sufficient deposit (typically 20-40%)
Foreign investors may face stricter lending criteria due to their non-resident status, but the lender can provide tailored solutions for those with strong financial profiles and a commitment to investing in Australia.
What Documents Do I Require?
The specific documents required for a Resimac home loan from overseas will vary depending on your individual circumstances, but you will typically need to provide the following.
It is important to note that this is not an exhaustive list, and the lender may require additional documentation depending on your specific circumstances. It is always best to contact a specialist mortgage broker for a full understanding of the documents required for your application.
Other Related Products from Resimac
For those planning to build a property in Australia, construction loans provide progressive funding as the construction progresses, allowing expats to finance their dream home from overseas. These loans are designed to help you finance the construction of your new home, offering a range of features.
- Progressive Funding: You will only be required to draw down funds as your construction progresses.
- Competitive Interest Rates: Resimac offers competitive interest rates on its construction loans.
- Flexible Repayment Options: You can choose to make interest-only repayments during the construction phase and then switch to principal and interest repayments once your home is complete.
Investment loans are designed to help you purchase an investment property. They offer a range of features, including the following.
- Fixed and Variable Interest Rates: You can choose to fix your interest rate for a period of time, or you can opt for a variable rate.
- Offset Accounts: You can link your investment loan to an offset account to reduce your interest repayments.
- Line of Credit Options: You can choose to have a line of credit attached to your investment loan, which you can draw on for any purpose.
Low Doc Loan
Ideal for borrowers with limited or non-traditional documentation, low doc loans allow you to use alternative forms of income verification, such as bank statements and business financial statements, to support your application.
Need a Home Loan With Resimac?
Resimac home loans emerge as a viable option for Australian expats seeking to purchase property in Australia from overseas. Their diverse range of home loan products, tailored specifically to the needs of expats, caters to their unique financial circumstances and income structures. Whether you’re an experienced expat or a first-time homebuyer, this lender may be your way to homeownership in Australia.
Odin Mortgage specialises in home loans for Australian expats, permanent residents and foreign investors living overseas looking to buy property in Australia. Speak with us today to discuss your needs and unique situation so you can find the best deals!
Other Australian Lender Reviews
FAQs About Resimac Group
Yes, you are eligible for a Resimac home loan if you are an Australian citizen or permanent resident living overseas. Resimac welcomes applications from expats who have a stable overseas income and a good credit history.
Resimac Group offers a wide range of home loans for Australian expats, including, fixed rate home loans, variable rate home loans, low doc home loans, line of credit home loans, non-gen home loans, and construction loans. Check out the relevant sections above for details.
The specific documentation that you will need to provide will depend on your individual circumstances, but you will typically need to provide proof of identity and residency (passport or birth certificate, utility bill, bank statement), proof of income (recent pay slips, tax returns), asset and liability statements (bank statements, investment statements), and property details (property valuation report, contract of sale).