Resimac drops variable home loan rates to new lows

Woman diving into water representing rate drop

Non-bank lender Resimac has slashed 30 basis points off its variable rate home loan this week, bringing its offer down to one of the lowest in the Mozo database. 

The reduction means that for a limited time, the Resimac Prime Flex sits at an ultra competitive rate of 2.29% (2.66% comparison rate*) for owner occupiers with loan-to-value ratios (LVR) of up to 70%. 

Meanwhile for owner occupiers with LVRs between 70%-80%, the rate also has fallen by 30 basis points to 2.39% (2.76% comparison rate*). 

Both new rates are available on loan amounts ranging from $150,000 up to $2 million, and come with a 100% offset account, as well as other flexible features including free extra repayments, a free redraw facility and a split account. Just bear in mind you'll need to budget for a $330 upfront valuation fee and a $299 yearly service fee.

Resimac joins a series of other lenders who have also cut their variable rates recently as competition for borrowers remains heated in the home loan market. 

Among home loans with an offset account, the Resimac Prime Flex now has the third lowest rate in our database, sharing that spot with four other lenders (FreedomLend, Homestar, Reduce Home Loans, and Yard). 

For further comparison, Resimac’s new 80% LVR rate is a massive 95 basis points below the current average variable rate of 3.34%. 

In other words, if you’re borrowing $400,000 over 25 years with an 80% LVR, Resimac’s rate could save you as much as $58,783 in total interest paid over the life of the loan, compared to the average variable rate. 

Scroll down to compare Resimac’s new offer against other home loans with an offset account. Or if you’re interested in weighing up even more deals from 80 different lenders, be sure to visit our home loans comparison table.

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    Variable Home Loan

    Owner Occupier, Principal & Interest

    variable rate
    comparison rate
    Initial monthly repayment
    1.99% p.a.
    1.99% p.a.
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    Details
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    Offset Home Loan

    Owner Occupier, LVR<60%, Principal & Interest

    variable rate
    comparison rate
    Initial monthly repayment
    2.14% p.a.
    2.42% p.a.
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    Details
  • placeholder
    Variable Home Loan

    Owner Occupier, Principal & Interest

    variable rate
    comparison rate
    Initial monthly repayment
    1.89% p.a.
    1.90% p.a.
    Go to site
    Details
  • placeholder
    Offset Home Loan

    Owner Occupier, LVR<80%, Principal & Interest

    variable rate
    comparison rate
    Initial monthly repayment
    2.24% p.a.
    2.52% p.a.
    Go to site
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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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