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.

Home loan comparisons on Mozo

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Last updated 22 July 2024 Important disclosures and comparison rate warning*
  • Express Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.01 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,001
    Go to site

    Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

  • Offset Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.39 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

  • Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.42 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.54 % p.a.
    Fixed 2 years
    Comparison rate
    7.10 % p.a.
    Initial monthly repayment
    $3,174

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

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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. You can change the loan amount and term in the input boxes at the top of this table. 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.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.