I'm not feeling very confidence in Resimac lender. Contract of Sale was signed and "Formal Approval" was granted Feb 2021 by Resimac in writing. Settlement was delay by Vendor for 8 months. Broker communicated with Resimac and inform them of the delay and was told - all was in order in regards to documents and there has been no changes to my financial situation. 22 hours until settlement and I was told, Resimac needs to re-accessed the loan documents again, basically I have had to reapply for the loan process and it will take at least 3 weeks. Vendor asked for penalty interest 12% on purchased priced. Just wish they had told me the formal approval loan will expired at 6 months. Not 22 hours to settlement and then tell me.
If you want to loss your deposit and time, go with this lender. Personal experience happy to share it more than 40 Days of games. Lost a real opportunity and money. They don’t care about your deadlines or loss. You will end up paying double interest rate if you add up your losses. Happy to proof it and shows you documents.I am AAA Credit rating.
First red flag is that Resimac is an ASX listed company. As such, profits are at the forefront for its shareholders no matter what. My experience with them is as follows and you can draw your own conclusions. 1. I started my process of refinancing with Resimac in Feb of 2021. In June of 2021 I still had no clear date for a settlement although conditional approval had been granted. 2. I had funds taken from my credit card (some 2 to 3 months after my authorisation) for evaluations of properties I own to be used as security. No correspondence was received from Resimac to advise that the funds were being taken or had been taken. The bank statement of the withdrawn funds made no reference to Resimac whatsoever. 3. Resimac charged $256 for 1 of the evaluations. Later they wanted to undertake another evaluation of the same property for $800 with no certainty of securing my refinancing. 4. Any attempts at negotiations always saw Resimac dictate the terms with no flexibility. Basically it was their way or the highway. I must admit that with 100's of lenders available the highway has been productive!
Don't go for home loans with them as they take more than 12 weeks for home loans but on advertise they say only 4weeks. They don't care about your loan approval dates or any extensions or even you losing a deal.
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.
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.
DO NOT GO WITHIN A BULLS ROAR OF THIS COMPANY. This company is a wholly owned subsidiary off resimac who are just as bad or worse My ex and I borrowed $321889 from state custodians in approx 2013. In January 2019 my ex and I separated. I am the primary borrower on the account. We had never missed a payment or made a late payment. indeed at separation there was $60,000 plus in the offset account. Due to legal costs this was run down quite quickly. my wife was able to transfer $20,000 into the offset account, repayment of a loan until we could sort out property settlement. She then said it was a mistaken transaction and asked her bank to reverse the payment. Due to legal costs there was only a couple of hundred dollars left in the account. In Oct 2019 State custodians simply reversed the payment without my knowledge or even a phone call leaving the mortgage $19700+ in arrears. The first I knew off it was when I received a letter from a collection agency stating that your mortgage was $19700+ in arrears and plus hefty fees if the arrears are not cleared with 30 days we will be exercising our power of sale. I rang them to find out what was going on they refused to talk to me, the gave me no information were extremely evasive then refused to even talk to me.I was forced to sell share at a loss to cover the arrears. I made a complaint to A.F.C.A but as a result of their evasions and frankly lies the matter has still not been settled. Trust me DO NOT Borrow a penny from this company their customer service is disgusting. EVEN if a broker recommends them DO NOT borrow from this company, there are better companies with cheaper rates available. Plenty of them. MAKE ABSOLUTELY NO MISTAKE I can not empress upon you enough how toxic this company is.
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.
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.
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.
Recently refinanced to resimac. Must admit, the process of obtaining finance approval was horrendous (staff member quit and my file went unattended for several weeks which almost cost me securing the house) but once the home loan was approved, it has been smooth so far.
Never consider this as a bank option, run a mile from this bank option. This bank has zero customer consideration. They call their department "customer care"; there is NO customer care - it is just focused on greed from this bank. In October 2019 the RBA reduced the rate by .25%, Resimac wrote to it customers and said they would reduce it by .15% and keep the rest. Then it took almost a month to pass on the rate reduction. We are now in March 2020 and the RBA has reduced another .25%, and Resimac still has not passed. The RBA is proposing another .25% rate cut. Do not expect them to cut.
I don't trust them. The rate I was given a month ago was far higher than the existing loans out there and higher than what was advertised. They are making up some technical excuse as to why the interests are at todays rate.
Worst customer service. Their system of charging extra fees is mind boggling and unique. They will tell you that they can fix the direct debit date and change the date to what you want to be for the yearly fee but will surprise you with some lies.
Interest rates are way too high, currently paying 6.8%.
Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.
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.
Want more? Compare all 503 home loans in the Mozo comparison engine.Compare more home loans
Mozo gives you the inside story on the best banking, energy and insurance products as rated by thousands of real customers around Australia. We don't make subjective judgments, nor do advertisers influence our ratings. Although our reviews may be moderated to improve quality standards, they are moderated independently of any of Mozo’s commercial relationships.