Increases to Resimac Prime Alt Doc max loan values and cash out changes
With Resimac Prime Alt Doc interest rates already at a market-leading 2.99% pa up to 80% LVR (variable, OO, P&I, comparison rate 3.03%pa*) with no risk fees, we've taken it up a notch and increased maximum loan value amounts across LVR bands.Maximum loan value amounts for Resimac Prime Alt Doc have been increased as follows, and are now in effect:
- Up to 70% LVR: Now $2,000,000 (up $500,000)
- Between 70.01 - 75% LVR: $1,500,000
- Between 75.01 - 80% LVR: Now $1,500,000 (up $500,000)
In line with these changes, there are some new temporary cash-out limits and conditions for Prime Alt Doc applicants.Cash-out was unlimited up to 80% LVR, but this has now changed as follows:
- Loan amounts up to $1,500,000, unlimited cash-out.
- Loan amounts above $1,500,000, cash-out limited to $100,000.
In addition to these limits, the following conditions have been introduced for Prime Alt Doc applicants seeking cash-out.To obtain cash-out, applicants:
- Must have a clear repayment history and no adverse credit history on their personal and/or commercial credit reports;
- Must provide detailed use for the cash-out, as well as address any recent personal and/or business credit enquiries shown on their credit report(s) and the reason why they applied for the credit; and
- Must address any Government COVID-19 financial support currently being received.
If you have any questions about these changes to Resimac Prime Alt Doc, or have a scenario to discuss, reach out to one of our BDMs or Relationship Managers .
Disclaimer: *Rates shown apply to new business only and may vary before the loan is settled. Rates shown do not apply to all loan sizes, purposes, repayment types, scenarios or LVRs, unless otherwise stated. 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.