Scenario: Settling a divorce and moving on with Resimac Prime Flex
Jen^ was in the midst of an unfortunate divorce. Instead of splitting their assets and walking away, she wanted to buy-out her partner's share of their unit as she liked the area and all her friends were close by.
To make matters more complicated, she'd just started a new job and was less than three months into her new role.
She needed affordable finance fast and turned to her broker, who suggested Resimac Prime Flex product as part of the mix.
The Resimac Prime Flex product was great for Jen's circumstances. It was affordable, starting from 2.29%p.a. (variable, OO, P&I; 2.66%p.a. comparison rate*), allowed for cash-out (up to 80%) to settle the divorce and secure the share of the unit, and her employment circumstances weren't an issue as she'd worked in the same industry continuously for a minimum of 12 months – despite changing jobs. Jen also had a minor paid default of under $500 listed three years ago, but with a satisfactory explanation, this wasn't an issue.
With Resimac Prime Flex, Jen was also able to borrow a little more in order to renovate the apartment to make it all her own.
^Not a real name. The above scenario is for information purposes only and does not comprise professional advice or product recommendation. *Variable rate loans up to 70% LVR (unless otherwise stated). The comparison rate is calculated on the basis of a loan of $150,000 over a term of 25 years. WARNING: This comparison rate applies only to the examples given. Different amounts and terms will result in different comparison rates. Terms and conditions, fees, charges and lending or credit criteria apply.