4.7 / 10

based on 31 Resimac reviews as rated by Mozo community

Resimac home loans

As a home loans specialist and competitive alternative to traditional banks, Resimac has been providing a fresh take on mortgages since 1985. The non-bank lender boasts over 50,000 customers and caters to both owner occupiers and investors in search of a home loan, so read on below for more information about Resimac's offers as well as customer reviews.

What home loans do Resimac offer?

Rates and fees verified as correct at 17 April, 2021. Other information correct at the time of writing. Advertiser disclosure.

Variable Rate Home Loans

Resimac has simplified its mortgage offerings in recent years, with owner occupier and investor borrowers now able to choose between two variable rate home loans: the Prime or Prime Flex. Both offers are available with principal and interest as well as interest-only repayment options and a number of loan-to-value ratio (LVR) tiers, though the minimum loan amount on the Prime home loan is $50,000 compared to $150,000 with the Prime Flex home loan. Features such as competitive interest rates, an offset account, a free online redraw facility and the option of making free extra repayments are available with both loans, though there are a number of one-off and ongoing fees to consider depending on the loan you choose. Check out the linked reviews in the table below for more details.

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

2.79% p.a.

2.81% p.a.

$0.00

$330

2.89% p.a.

2.91% p.a.

$0.00

$330

3.09% p.a.

3.11% p.a.

$0.00

$330

3.29% p.a.

3.31% p.a.

$0.00

$330

2.59% p.a.

2.61% p.a.

$0.00

$330

2.69% p.a.

2.71% p.a.

$0.00

$330

2.69% p.a.

3.03% p.a.

$299.00 yearly

$330

2.79% p.a.

3.13% p.a.

$299.00 yearly

$330

3.06% p.a.

3.41% p.a.

$299.00 yearly

$330

3.26% p.a.

3.61% p.a.

$299.00 yearly

$330

2.29% p.a.

2.66% p.a.

$299.00 yearly

$330

2.39% p.a.

2.76% p.a.

$299.00 yearly

$330

3.49% p.a.

3.51% p.a.

$0.00

$330

3.69% p.a.

3.71% p.a.

$0.00

$330

3.14% p.a.

3.16% p.a.

$0.00

$330

3.04% p.a.

3.06% p.a.

$0.00

$330

3.34% p.a.

3.36% p.a.

$0.00

$330

3.54% p.a.

3.56% p.a.

$0.00

$330

2.94% p.a.

2.96% p.a.

$0.00

$330

2.84% p.a.

2.86% p.a.

$0.00

$330

3.46% p.a.

3.79% p.a.

$299.00 yearly

$330

3.66% p.a.

3.99% p.a.

$299.00 yearly

$330

2.94% p.a.

3.28% p.a.

$299.00 yearly

$330

3.04% p.a.

3.38% p.a.

$299.00 yearly

$330

3.31% p.a.

3.64% p.a.

$299.00 yearly

$330

3.51% p.a.

3.84% p.a.

$299.00 yearly

$330

2.54% p.a.

2.89% p.a.

$299.00 yearly

$330

2.64% p.a.

2.98% p.a.

$299.00 yearly

$330

Resimac home loan features in a glance

Image of coins

Free extra repayments and redraws

Both the Flex and Flex Prime home loan products from Resimac give borrowers the chance to pay off their mortgages faster with the  unlimited extra repayments feature. There's also the safeguard of knowing that these additional repayments can be tapped into down the track - if needs be - with the use of the online redraw facility.

Image of coins

Borrow up to 95% of the property's value 

Whether you're looking to purchase a home or refinance an existing loan, Resimac has options available on both of its variable loan products for owner occupiers and investors to borrow up to 95% of the value of the property. There are also options with sharper interest rates for borrowers who have larger deposits or more established equity. 

Image of coins

Options for PAYG and self employed borrowers

Resimac has also made a name for itself as a lender who can cater for a range of borrowers, including PAYG or self employed applicants who may have trouble seeking finance with other lenders. 

How are Resimac home loans rated?

Mozo users have rated Resimac home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of home-loans
Resimac home loans
Overall
4.7/10
Price
Features
Customer service
Convenience
Trust

31 Reviews

Recent Resimac home loan reviews

Resimac Prime Flex review
Overall 10/10
Best rates

Excellent rate. Just have to be wary that redrawing from the offset account can take a day - due to them being a securitised lender and not a deposit taking lender.

Read full review

Excellent rate. Just have to be wary that redrawing from the offset account can take a day - due to them being a securitised lender and not a deposit taking lender.

Price
10/10
Features
9/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Martie, New South Wales, reviewed 2 months ago
Resimac Prime review
Overall 0/10
Do not consider Resimac as your lender

Resimac is a law unto themselves. I will certainly be looking to switch my investment loan. The Royal Commission has been a waste of money. None of the banks have changed, they are still treating the customers like fools. When the RBA changes the interest rates, Resimac may or may not pass on the interest rate reduction. But if they do pass on the drop in interest rate it takes 4 weeks to pass on the rate reduction. BUT when the rate does up, it goes up over night. When i asked Resimac to explain why it takes 4 weeks to reduce the interest rate, they said they have to set their computers. They must use different computers to create the interest rates increase because it goes up over night. Gee they must think the general public is stupid. Who with half a brain would use that as a reason for not passing on the interest rate.

Read full review

Resimac is a law unto themselves. I will certainly be looking to switch my investment loan. The Royal Commission has been a waste of money. None of the banks have changed, they are still treating the customers like fools. When the RBA changes the interest rates, Resimac may or may not pass on the interest rate reduction. But if they do pass on the drop in interest rate it takes 4 weeks to pass on the rate reduction. BUT when the rate does up, it goes up over night. When i asked Resimac to explain why it takes 4 weeks to reduce the interest rate, they said they have to set their computers. They must use different computers to create the interest rates increase because it goes up over night. Gee they must think the general public is stupid. Who with half a brain would use that as a reason for not passing on the interest rate.

Price
0/10
Features
1/10
Customer service
0/10
Convenience
2/10
Trust
2/10
Less
Theresa, Queensland, reviewed 10 months ago
Resimac Prime review
Overall 1/10
Ignored and forgotten.

Resimac took over Homeloans.com.au, and since then only Resimac loans have been subject to changes, those of us that came before are basically ignored.

Read full review

Resimac took over Homeloans.com.au, and since then only Resimac loans have been subject to changes, those of us that came before are basically ignored.

Price
2/10
Features
4/10
Customer service
1/10
Convenience
0/10
Trust
1/10
Less
Clive, Queensland, reviewed 11 months ago
Resimac Prime review
Overall 7/10
Competitive interest rate.

Very good interest rate and a 100% offset, this was the best option available when we looked. Their online system could be easier to use but gets the job done. I haven't had to use it too much.

Read full review

Very good interest rate and a 100% offset, this was the best option available when we looked. Their online system could be easier to use but gets the job done. I haven't had to use it too much.

Price
9/10
Features
8/10
Customer service
5/10
Convenience
4/10
Trust
6/10
Less
Chris, Western Australia, reviewed 12 months ago
Resimac Prime review
Overall 0/10
Manipulative and Distrustful

Resimac has not passed on rate cuts and has indicated they have incurred increased overheads - that's not my problem - however, the main reason for the poor rating is the interest offset account that they managed to completely stuff up. It was inconvenient to pay at Westpac, but the broker and the company stated by having the offset account, I could pay at the local post office. I started getting overdue 'phone calls, pointed out that there was a credit in the account which exceeded fortnightly payments and after several weeks went by, started getting the threats. They were repeatedly advised the fortnightly payments were in the account they set up. In the end, a trip to Westpac and had to withdraw the funds and pay into the "correct" account. I thought the problem was solved until I was sent a letter stating they had released the funds from the offset account several months later, and because of that, they realized there were duplicate credits on the loan account. So without consultation, they increased the loan by the "mistakenly released off set account", and hence I was seen as being in default. Did they ask me to pay additional funds to the loan account to cover their error? No. Have they been upfront about what they are doing? No. I had never heard of Resimac until I met a broker. Worst decision to go from Commonwealth to these rouges, and just for a 1% rate drop. Because of their error, I am seen as a liability. Current best rate they are giving me as a platinum client is 4.54%. Reserve bank rates are at 0.25%, major banks passing on cuts, most around 2%. Just don't believe this company's actions (because they represent investment companies etc - mine is Colonial) is acceptable banking practice. But when I signed up, I didn't know they were a non-bank. 7 years of lousy service both from their broker representative and the company it's self. Stay away.

Read full review

Resimac has not passed on rate cuts and has indicated they have incurred increased overheads - that's not my problem - however, the main reason for the poor rating is the interest offset account that they managed to completely stuff up. It was inconvenient to pay at Westpac, but the broker and the company stated by having the offset account, I could pay at the local post office. I started getting overdue 'phone calls, pointed out that there was a credit in the account which exceeded fortnightly payments and after several weeks went by, started getting the threats. They were repeatedly advised the fortnightly payments were in the account they set up. In the end, a trip to Westpac and had to withdraw the funds and pay into the "correct" account. I thought the problem was solved until I was sent a letter stating they had released the funds from the offset account several months later, and because of that, they realized there were duplicate credits on the loan account. So without consultation, they increased the loan by the "mistakenly released off set account", and hence I was seen as being in default. Did they ask me to pay additional funds to the loan account to cover their error? No. Have they been upfront about what they are doing? No. I had never heard of Resimac until I met a broker. Worst decision to go from Commonwealth to these rouges, and just for a 1% rate drop. Because of their error, I am seen as a liability. Current best rate they are giving me as a platinum client is 4.54%. Reserve bank rates are at 0.25%, major banks passing on cuts, most around 2%. Just don't believe this company's actions (because they represent investment companies etc - mine is Colonial) is acceptable banking practice. But when I signed up, I didn't know they were a non-bank. 7 years of lousy service both from their broker representative and the company it's self. Stay away.

Price
0/10
Features
0/10
Customer service
0/10
Convenience
0/10
Trust
0/10
Less
Paul, New South Wales, reviewed about 1 year ago

What do you need to apply for a Resimac home loan?

As an online lender Resmiac's home loan application process is completely digital, which means you can start by simply heading to their website and downloading an application pack. Before you get going, it's useful to have a few bits of information on hand though, including:

  • Your contact details (as well as those of any joint applicant)
  • Financial details including your salary, expenses and proof of income
  • Details of any other loans or credit cards you may have
  • Details of any assets such as savings or property

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