Resimac eases mortgage application process

Resimac has yesterday (Monday 11 February) announced that it will allow customers for its Resimac Specialist loans to group credit events to ease the mortgage application process.

After amalgamating Homeloans and RESIMAC Limited into a single non-bank lending brand last year, Resimac intends to cultivate modernisations in its mortgage offerings - to eradicate inconsistencies and inaccessibility for customers to access loans.

According to Resimac: “A single credit event can consist of multiple credit bureau listings, provided the borrower can demonstrate that all listings were caused by that single event and the period over which the listings were reported does not exceed six months.”

General Manager of Third Party Distribution for Resimac, Daniel Carde, said: “Resimac serves a diverse range of borrowers and is working hard to make sure our broker partners have competitive, easy to understand Resimac products with a simple application process for all their customers.”

Resimac further announced that it will ignore all defaults, writs or summons to a borrower’s name that are:

• Under $2,000
• Paid over 12 months ago
• Listed over 24 months ago, paid or unpaid

Concerning customers with current or previous Part IX or X bankruptcies, Resimac announced the following product classifications now apply:

• Listed but discharged - Resimac Specialist Clear
• Listed but entered bankruptcy more than two years ago - Resimac Specialist Plus
• Listed but entered bankruptcy less than two years ago - Resimac Specialist Assist

In addition, the non-bank lender announced it will offer single-security specialist loans up to $2.5 million, as its business lines remain streamlined under the single Resimac brand.

“In the past, these loans were considered on a case-by-case basis, but it is now standard policy for borrowers in Category A locations, with an LVR of up to 65%, full doc and alt doc,” Resimac announced.

[Related: UBank launches Al mortgage application assistant]