Resimac Prime & Prime Flex: What is it (And Who Is It For)?

Ever wondered if there’s a home loan that fits just right with your unique financial situation?

You’re not alone.

Navigating all the loan options can be overwhelming, especially when standard loans don’t quite meet your needs.

That’s where Resimac Prime and Prime Flex step in—they might just be the flexible solutions you’ve been searching for.

Let’s explore what these offerings are all about and see if they might be the perfect fit for you.

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What Are Resimac Prime and Prime Flex?

Resimac Prime and Prime Flex are mortgage products tailored to provide financial flexibility. The Prime product comes with no annual fee, making it a straightforward option for borrowers who prefer simplicity. On the other hand, Prime Flex includes a $299 annual fee but offers a more competitive interest rate in return.

Both products are designed for PAYG (salaried) individuals and self-employed borrowers. They aim to provide adaptable solutions for personal and business financial needs, ensuring that borrowers can find a product that aligns with their goals.

Key Features of Resimac Prime & Prime Flex

Dollar-for-Dollar Refinance

One of the standout features of these products is the ability to refinance up to 95% Loan-to-Value Ratio (LVR). This is particularly beneficial for borrowers looking to consolidate debts or access equity in their property. It provides a practical way to manage finances while maximising the value of existing assets.

100% Offset Account

Both Prime and Prime Flex include a 100% offset account, which can significantly reduce the interest paid on the loan. By offsetting the loan balance with savings, borrowers can save money over the life of the loan. This feature is especially valuable for those aiming to minimise their overall loan costs.

Multiple Loan Purposes

These mortgage products are versatile, allowing loans to be used for various purposes. Whether it’s purchasing a property, refinancing an existing loan, consolidating debts, or cashing out equity, Resimac Prime and Prime Flex cater to a wide range of financial needs. This flexibility makes them suitable for both personal and business use.

Digital Operations

The application process for Resimac Prime and Prime Flex is streamlined through digital technology. This not only enhances the borrower experience but also ensures faster and more efficient processing. From submitting documents to tracking application progress, the digital approach simplifies the entire process.

Financial Advantages

Both products offer low interest rates tailored to individual financial preferences. While Prime Flex involves a small annual fee, it provides access to lower interest rates, which can result in significant savings over time. Additionally, borrowers can access up to $500,000 for business purposes, adding another layer of financial flexibility.

Eligibility Requirements

Resimac Prime and Prime Flex are open to a broad range of applicants. PAYG employees and self-employed individuals are eligible, as well as companies and discretionary trust structures. This inclusivity ensures that the products can accommodate various financial strategies and goals.

The loans can be used for both personal and business purposes, making them a versatile option for borrowers with diverse needs. Whether you’re looking to invest in property, manage business expenses, or consolidate debts, these products provide the flexibility to achieve your objectives.

Application Process

Required Documentation

To apply for Resimac Prime or Prime Flex, borrowers need to provide specific documentation. This includes the application form, a Living Expense Declaration, and other standard documents outlined in the Application Pack. Ensuring that all documents are accurate and complete is crucial for a smooth application process.

Steps to Apply

The application process begins with downloading the Application Pack and gathering the required documents. Borrowers can then engage with Broker Development Managers (BDMs) for guidance. These professionals provide expert support, ensuring that applicants understand each step of the process and can navigate it with ease.

Comparing Resimac Prime and Prime Flex

Prime Product

The Prime product is ideal for borrowers who prefer to avoid additional costs. With no annual fee, it offers a straightforward option for those seeking simplicity. This makes it a suitable choice for individuals who prioritise a no-frills approach to their mortgage.

Prime Flex Product

Prime Flex, on the other hand, is designed for borrowers who prioritise long-term interest savings. For a $299 annual fee, it provides access to lower interest rates, which can result in significant financial benefits over time. This product is well-suited for those who are willing to pay a small fee in exchange for competitive rates.

Choosing the Right Product

The choice between Resimac Prime and Prime Flex ultimately depends on individual financial goals and strategies. Borrowers should consider their budget, loan purpose, and preference for fee structures when making a decision. By aligning the product with their financial objectives, they can maximise the benefits of their mortgage.

Customer and Broker Support

Tools and Resources

Resimac provides a range of tools and resources to support both customers and brokers. Loan serviceability calculators help borrowers plan their finances effectively, while the RESIQ digital platform simplifies loan submissions. These tools ensure a seamless experience for all parties involved.

Expert Guidance

Broker Development Managers play a key role in providing personalised support. They assist borrowers throughout the application process, offering expert advice and ensuring that all requirements are met. This level of guidance helps build confidence and trust in the process.

Ongoing Support

Resimac is committed to providing continuous support to borrowers and brokers. From the initial application to the final stages of the loan process, their team is available to address any questions or concerns. This dedication to customer service ensures a positive experience for all.

Additional Considerations for Borrowers

When deciding between Resimac Prime and Prime Flex, it’s important to evaluate your financial situation and long-term goals. For instance, if you’re planning to use the loan for business purposes, the ability to access up to $500,000 can be a game-changer. Similarly, the 100% offset account can be a valuable tool for reducing interest payments, especially for those with substantial savings.

Borrowers should also consider the digital-first approach of Resimac. The streamlined application process and digital tools not only save time but also make it easier to manage your loan. This is particularly beneficial for busy professionals who need a hassle-free experience.

Finally, the role of Broker Development Managers cannot be overstated. Their expertise and personalised support can make a significant difference in navigating the complexities of mortgage applications. By leveraging their guidance, borrowers can ensure a smoother and more efficient process.

Conclusion

Resimac Prime and Prime Flex are versatile mortgage products designed to meet the diverse needs of borrowers. With features like dollar-for-dollar refinancing, 100% offset accounts, and low interest rates, they offer significant financial advantages. Whether you’re a PAYG employee or self-employed, these products provide the flexibility to achieve your financial goals.

Choosing between Prime and Prime Flex depends on your individual preferences and strategies. By understanding the key features and benefits of each product, you can make an informed decision that aligns with your objectives. With robust support and resources, Resimac ensures a smooth and efficient process for all borrowers.

Track My Trail Team

The Track My Trail Team develops software to simplify trail book management for mortgage brokers. Their tools provide fast and practical insights to help brokers get the most out of their trail books.