RESIMAC announces change to servicing rationale in response to adviser feedback
RESIMAC has announced an enhancement to its servicing rationale in response to feedback from advisers.
RESIMAC general manager Adrienne Church said the lender’s previous servicing rationale required the borrower to provide their basic living expenses, and to then also add discretionary expenses.
“We work closely with advisers and on receiving feedback that our servicing rationale was out of step with the market, we decided to look into whether we could adjust it to better meet the needs of advisers and their clients,” Church said.
With the adjustment, RESIMAC will now only require the actual living expenses, as stipulated by the borrower.
“This brings our servicing rationale in line with the market and is another positive outcome of our partnership approach to working with advisers,” Church said.
The change took effect from December 15.
In calculating the loan serviceability, RESIMAC said it will use the higher of the borrower’s declared total living expenses, or the RESIMAC home loans living expense index.
RESIMAC said its servicing calculator, application form and product & policy guide have also been updated accordingly.
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RESIMAC general manager Adrienne Church said the lender’s previous servicing rationale required the borrower to provide their basic living expenses, and to then also add discretionary expenses.
“We work closely with advisers and on receiving feedback that our servicing rationale was out of step with the market, we decided to look into whether we could adjust it to better meet the needs of advisers and their clients,” Church said.
With the adjustment, RESIMAC will now only require the actual living expenses, as stipulated by the borrower.
“This brings our servicing rationale in line with the market and is another positive outcome of our partnership approach to working with advisers,” Church said.
The change took effect from December 15.
In calculating the loan serviceability, RESIMAC said it will use the higher of the borrower’s declared total living expenses, or the RESIMAC home loans living expense index.
RESIMAC said its servicing calculator, application form and product & policy guide have also been updated accordingly.
Related stories:
Lender offers brokers alternative to mainstream lending
Key to success is forming a partnership with mortgage brokers
