Non-bank lender Resimac has made further cuts to its interest rates, following its previous cuts of up to 2.12% on variable specialist home loan products in June.
Resimac has now introduced lower interest rates for its Prime variable and one-to-five year fixed home loans. They are available across all Prime mortgages for both owner-occupied and investment properties with up to 70% LVR.
Read more: Resimac makes further cuts to rates
Resimac’s two-year fixed rate mortgages will start from 2.99% p.a. (a reduction of 0.4% p.a.) and three-year fixed rate mortgages will start from 3.35% p.a. (a reduction of 0.34% p.a.). Variable interest rate loans will start from 3.39%p.a. (a drop of 0.10% p.a.). The new rates are effective from Monday 3 August.
Resimac’s Head of New Zealand Luke Jackson says the new round of cuts to rates demonstrates the non-bank’s “ongoing support” for mortgage advisers, and their clients.
“Resimac has received strong demand for prudent lending throughout the uncertainty of this year,” Jackson commented.
“At the same time, we have also seen a significant number of customers come out of hardship. We dropped our Prime rates in March during lockdown, but more importantly we settled loans right throughout it. We then dropped our specialist rates in June.”
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Jackson said that although the future still holds some uncertainty, Resimac is committed to being a “strong and reliable” lender, and maintaining a series of attractive offers to customers.
“While we appreciate there is still more uncertainty ahead, this latest rate cut shows how Resimac continues to work to be a strong and reliable lending partner for advisers and to lead the market in dynamic offerings that improve lending options for borrowers,” he said.