Avoid at all cost, empty promises
Avoid at all cost, paid valuation from my pocket, Resimac promised to deduct $150
Then Deducted &295, they given me conditional offer in 60 day after very tiring process and lots of documents.
Only condition was to provide contract so it can go unconditional.
Contract and all documents provided again
But could not get decision in 2 weeks time.
Got extension for extra 2 weeks.
At last minutes after 28 days, they said I can’t get that amount to buy the property and they can only approve 100k less than the required.
Wondering why they didn’t assessed property at first place and waisted my money and time.
Very unprofessional service, will never recommend.
was looking to access some equity against my home to buy an apartment
I was looking to access some equity against my home to buy an apartment and my broker initially got me to apply through my existing lender. They ended up dragging the application on, askng lots of questions, then did not want to give me the cashout I had asked for. My broker then spoke to a few different lenders and recommended we reapply through Resimac. They took less than a week to give us indicative approval, and soon after that formally approved the loan and the cashout.
The reviewer stated that an incentive was offered for this review
It possible to buy my dream home.
I want to thank them for providing me the best home loan plan, at quiet low-interest rates. Your great loan features and exclusive customer benefits, has made it possible to buy my dream home.
The reviewer stated that an incentive was offered for this review
Terrible customer service
I made a phone enquiry about adjusting our two loans. They sent an email reply three weeks later. I just replied to that email. The response was "Thank you for contacting us. This is an automated response to confirm we have received your email. We will respond to your request within 12 business days."
I jumped on the phone. I have been on hold for 72 minutes and counting. The hold music ominously disappeared after 61 and a half minutes.
As long as you know the customer service is beyond terrible, they're OK.
Great advice and guidance helped me
Thanks, guys for making things feasible for us. Your great advice and guidance helped me to get a bank loan at quiet low-interest rates. I am also grateful to your adviser who suggested to me how to maintain a good credit score.
The reviewer stated that an incentive was offered for this review
Simply rate rip off
Avoid Resimic at all cost. They can still charge 4% under the current COVID 19 situation and only pass on a fraction of the RBA rate cut and increase your rate out of the RBA cycle. Only apply if you are comfortable with those furious excuse like we are not a bank, RBA has nothing to do with our pricing etc.
I wish I could give Resimac a ZERO rating
This lender treats its customers like fools. I contacted them and asked them why it took 4 weeks to pass on the RBA rate cuts to their customers. I got an email back saying they have such a large customer base that it takes 4 weeks for them to make the changes. So I sent them back a letter I have received from Resimac in 2017 where they put the rate up two days before they advised their customers. The letter received from Resimac was dated 1st May 2017, advising they had increased my rate on 28th April 2018. With technology happened as quickly as it is, very soon there will be an alternative to banks and customers will leave in droves. Customers hate banks
A great lender
Having been with ANZ for almost 10 years, I was disappointed when I realised how high my interest rate was compared to what they were offering new clients. My broker recommended Resimac, who were offering great rates. As I had spare equity against my home, I was able to use this to refinance my investment lending over at home loan rates (instead of investment loan rates).
The application process with Resimac was smooth, with my broker handling the bulk of it. All in all, a painless experience and I've now been with Resimac for more than 6 months. I was also very pleased to see how quickly they adjusted their rates after the RBA cuts.
- Verified customer
Best lender on the market!
I've been a mortgage broker for over 7 years and refinanced my own home loan across to Resimac Prime more than 2 years ago.
In all of my years of broking, I have yet to find a lender as good to work with as Resimac:
- They maintain some of the most competitive variable rates on the market (they passed on the last RBA rate cut in full to existing customers, within hours of it being announced),
- They maintain a quick & simple application and assessment process (they can usually provide conditional approvals within the same week as an applicat...
Risk Fee - Beware!!
I am another customer that wasn't adequately informed of the risk fee. It was only advised at the last moment when I no option but to pay it as settlement was imminent. Although I had provided everything needed when asked, their terrible service led to a rush getting the loan finalised resulting in this situation. I am now wondering whether this is a deliberate tactic in order to collect this fee as it seems this has occurred with other customers also. I am now lodging a complaint with AFCA.
Be Afraid- Seriously, DO NOT DO THIS TO YOURSELF
If you need to use these guys to get your loan, you should re-evaluate your situation and not borrow the money.
If you even so much as need a very little bit of help keeping up with the expensive payments on a high-interest rate loan, they will treat you like a piece of dirt.
So if you're having trouble putting food on the table? The response is "That's not our problem, and if you don't keep up with the payments, we'll foreclose and evict you."
However, I would definitely recommend them to my worst enemy.
This company is ruthless, even if you're only a few hundred dollars behind. Amazing. Buyer Beware.
Errors made and Poor Service
I have just spoken with two people at Resimac. The first one said his manager was not there, but then put me through when he could not answer my question. Both interrupted me to tell me what they wanted to say, and did not listen to what I was trying to ask. They were completely unhelpful. When I finally managed to ask a question, the senior manager told me he was going to end the call and hung up.
Previously Resimac send my account details and statements to someone else, and I received another person's. I contacted Resimac and told them. Th...e Resimac people knew some errors had been made, but did not know that this had been done to me too. As a result of my phone call, I got a letter saying this had happened to only 20 people - even though they obviously had no way of knowing There are much better rates elsewhere, and other mortgage providers actually give good customer service too. Go somewhere else. I am about to.
When we called to ask why we got a dishonor fee when we had funds available, we were told that they "did not know why" and "why are you with Resimac if you don't like the service?" Awful customer service, slow to update transactions - we have to wait till Wednesday for the transactions that have happened over the week-end to be updated. Just terrible.
Too slow to approve, nearly lost purchase
They took way too long to approve my loan and I nearly lost the sale. My purchase contract had a finance clause in 28 days which is typically plenty of time, but it took them 2 weeks to do valuation and then still no answer weeks later, so I had to abandon and start another application with my bank, who had a bit higher rate but turned everything around in 2 weeks. Incredibly stressful so I would not recommend them. Also when I rang the call centre to check I got people who either gave me the wrong info or didnt know/couldnt give any info/fobbed me off to broker, who also couldn't get any info.
Nothing but disappointment
I am currently holder of this loan so feel free to contact me.
One of the worst lender who doesn't look after their existing customer. I have many examples that I can write here that I experienced in last 3-4 years. I am planning to move my loan at earliest but to save someone thousands of dollars just give you brief of issues:
- Interest rate will go up even though RBA decided to keep rates on hold
- Promises will be made on signing which won;t be fulfilled after settlement
- Finance manager and internal staff don't talk same lan...
Avoid Resimac, they are not worth your time
I have been a customer of Resimac for just over a year, and I'm extremely disappointed with them.
During my application stage with them, they cancelled my settlement without prior notice. When questioned, their justification was they want additional document that previously deemed not required.
After providing them the additional document, the settlement was cancelled on the last minute again. This time the reason they gave was, they want another document.
After 2 months, they settlement finally went through. In less than 4 months, th...ey increased my rate. In less than 1 year, they increased my rate again. Now I'm paying a higher interest rate than the big 4 bank. In short, my rate with Resimac turn from lower (than the major banks) to higher. Currently, I'm in the process of refinancing. For any who wish to apply for a new loan, it refinancing. I strongly you AVOID Resimac. They are not worth your time. They may give you lower rate during application, but they will not hesitate to increase it just to rip you off.
These people deserve more of a ZERO
Very disappointing customer service and very slow delaying 2nd mortgage for my second property. I am ready to cut ties with them and go to another bank once everything is clear. Something that usually takes 60 days is now on the verge of 100 days. I do not recommend RESIMAC!
Shocking - beware of Risk Fee
I am very disappointed with this Non-Bank Lender. Not only have they got a high rate - they have a so called "Risk Fee that was 1% of the total amount borrowed" This was only declared at the last minute - when it was impossible for me to go to another lender. I have written to them to reverse it. They have brushed it aside and I have written to them again - no answer, I still don't know how much they paid the broker. Not included in Loan contracts. I would be very very careful of them. I will certainly be writing to the politicians to include these non-bank lenders and their behavior.
Resimac, RHG and Low Doc. Mortgage Loans
Low Doc Loans have been around for a long time, not only since 1994. It's a type of lending designed for those people who work for themselves. Like a Mechanic with their own repair shop, a Plumber, an Electrician, a Dressmaker, whatever. the "doc" referred to is a Group Certificate. Such as people who work for someone else receive each year as Pay As You Go tax reporting and proof. Of employment.
Housing Loans for self employed always had a higher interest rate than the standard loans. No big deal. At the Bank end the criteria for achi...eving a housing loan for the self employed remains the same, entirely. Proof of whatever business enterprise being viable is still required. Australia Tax Office records are required submissions. No outstanding debts or large unserviced overdrafts. The big difference these days is an applicant no longer submits information and applies directly to a Bank. In recent times, 80's and beyond, there is a Non Bank Lender and the Servicer for that None Bank Lender inbetween the Applicant and the Bank. Would be mortgage loan borrowers for residential housing and banks remain the same. When borrowers dealt directly with a Bank things were far more straightforward and amounted to; "you pass, we will lend you $X amount at whatever percentage interest and you will repay $Y amount each month and if you don't pay for 6 months without explanation and discussion we will foreclose on your property." Simple and all concerned knew what the go was. Now, when someone applies for a loan, from a Non Bank Lender, up pops a Loan Account Servicer. Introduces themselves as the Outsourced by the Non Bank Lender's Accounts Department. Innocuous title and most applicants take no notice. And why should they. In effect the Non Bank Lender has now become the originator of the loan and has handed over the entire process to the Servicer, an independant entity or business. And the borrower never deals with the Originator again. From there on in the Servicer is in control you could say. Their application for a Low Doc Loan is changed into a loan for business purposes only and that is what is submitted to the Bank. The Servicer assumes a Power of Attorney and from there on in the Bank will communicate only with the Servicer but expect and assume the Servicer will make available to the borrower, for the term of the loan, all records and transaction information, and status of the loan account at the bank etc. As Banks do.
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