RESI Mortgage Corporation creates a point of difference
RESI Mortgage Corporation have come up with an unprecedented initiative, providing a ‘cash-backed’ guarantee to provide home buyers with a better deal than any honeymoon loan on the market.
RESI will guarantee that anyone taking out their popular Complete Home Loan will, within the space of three years, have done better than if they’d taken out any honeymoon or introductory loan on offer in Australia. If this turns out to be the case RESI will offer to pay the borrower the difference.
Honeymoon or introductory rates have often been used by lenders as a ‘sweetener’ or incentive to attract customers. These rates can be very attractive and offer a low rate for 6 or 12 months. Borrowers need to be aware that while these rates are initially appealing, it is the remaining term of the loan that determines the total cost.
This offer by RESI shows that they are eager to create a point of difference in the mortgage market by backing their product all the way. With the amount of loan products flooding the market RESI are helping to cut consumer confusion by making the choice simple.