SCENARIO: From Iran to a Sydney Unit with Resimac Prime Flex
Amir^ had recently migrated to Australia from Iran on a permanent skilled working VISA (124 - Distinguished Talent), indefinite stay (Permanent Resident).
Prior, he’d been employed in the private sector for seven years as a cyber security expert and, upon arriving in Australia, started a full-time job with a federal Government agency as a senior cyber security executive.
Amir came with savings of $50,000 for a deposit and was looking to purchase a Sydney unit for around $700,000. But due to his lack of local work history and small deposit, he was turned away by a variety on mainstream lenders.
Having heard about our range of products and our human and pragmatic approach to assessment, Amir’s broker reached out to Resimac for a solution, and based on his circumstances, our BDMs quickly found him suitable for our Prime Flex product.
Resimac Prime Flex can accept new employment income if the applicant can show a minimum of six months with a current employer or 12 months continuous employment in the same industry or profession. Amir was able to provide suitable documents from his time in Iran to prove his employment history.
Resimac Prime Flex also suited Amir because it allowed him to borrow up to 95% (inclusive of LMI) for owner-occupied purchase (as well as investment purchase) and also offered a great low rate of 3.26% p.a. (OO, P&I, 90-to-95% LVR. Comp 3.61% p.a.*, including a $299 annual fee).
The loan settled three weeks after lodgement and Amir and his broker were extremely relieved.
Amir’s broker wrote in an email “I am grateful to be finally dealing with a lender that can think outside the box and offer a low and competitive rate product to clients that does not fit within the mainstream lenders”
Disclaimer: ^Not a real name. The above scenario is for information purposes only and does not comprise professional advice or product recommendation. *Rates for new business only and may vary before your loan is settled. Rates shown do not apply to all loan sizes, purposes, repayment types, scenarios or LVRs. Rates and promotions are subject to change without notice. The comparison rate is calculated on the basis of a loan of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Terms & conditions, fees, charges and credit criteria apply.