Non-bank mortgage lender Resimac has cut its interest rates across its full suite of products.
Resimac had previously announced cuts to its variable interest rates in early April, along with the chance to defer mortgage repayments for up to six months for borrowers who are experiencing financial difficulty. It also eased its credit criteria in May following the Reserve Bank’s announcement of the removal of loan-to-value ratio (LVR) restrictions.
Read more: Resimac eases credit criteria
It has now revealed reductions of up to 2.12% per annum, which apply to new loans across its full range of rates.
Resimac Specialist Full Doc loans will now begin from 4.99% p.a., and will be able to help customers with credit issues, listed defaults or judgements and those with existing mortgage arrears to refinance, consolidate their debt and get back on track. The options are available for up to 80% LVR.
The decrease in interest rates will also result in a lower servicing rate, meaning a broader range of customers will be able to feel the benefits.
Resimac’s Head of New Zealand Luke Jackson says the rate cuts would be welcome news to mortgage advisers, and was an example of Resimac showing support for the mortgage industry during a challenging period of time.
Read more: Resimac lowers mortgage rates, offers payment deferrals
“As New Zealand looks to recover economically from the impact of COVID-19, people willing to borrow need the support of professional mortgage advice, and advisers need a reliable source of funding,” Jackson commented.
“Resimac is committed to enabling the mortgage adviser community to meet these needs and produce the best possible client outcomes.”