Resimac drops variable home loan rates to new lows

By Katherine O'Chee ·

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.

Compare offset home loans - last updated December 06, 2020

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Katherine O'Chee
Money writer

Katherine O’Chee is Mozo’s international money transfer and forex expert and business banking writer. She keeps Mozo’s readers on top of the latest news and writes in-depth features to inform and help Australians make smarter financial decisions. Her work has been published in major media outlets including Sydney Morning Herald, SBS News and Bangkok Post. She has a Bachelor of Arts (Media and Communications) from the University of Sydney.