FAQ – Disclosure Statement

  • How does the new redraw clause differ from the current redraw clause?
    The current Redraw clause 17.2 (d) within the Resimac Home Loans Limited General Terms reads:
    • (d) the redraw amount does not result in the balance owing on your loan account exceeding your then current loan curve balance or, where relevant, the balance owing on the sub-account for a particular portion of the loan exceeding the current sub-account curve balance.

      for the purpose of these redraw provisions, your "loan curve balance" is the amount that would be the balance owing on your loan account at that date if you had paid all scheduled repayment on time and not prepaid any amounts

      Where relevant, the "sub-account curve balance" is the amount that would be the balance owing on the sub-account for a particular portion if you had paid all schedule repayments on time and not prepaid any amounts.

      If we agree to a request to change your repayment amount or require you to reduce the balance owing on your loan account or the balance owing on the sub-account for a particular portion, we also recalculate your loan or portion of if under a dynamic variable rate principal and interest option and your repayment amount for the loan or that portion is recalculated after you repay an amount early or redraw an amount, we do not recalculate your loan curve balance.


    The changes made to the redraw clause 17.2 (d) has been amended to:
    • (d) where you have repaid part of the loan then you may redraw up to the amount that you have prepaid
  • How does the new redraw clause 17.2 (d) impact my loan?
    A simple example:
    If you have a $400,000 principal and interest loan at a variable interest rate of 3.72%p.a. over 30 years, the monthly instalment is approximately $1,845.00 every month.

    If you make additional payments totalling $50,000 you will have $50,000 that may be available as redraw and the outstanding balance of your loan will be $350,000.

    Each month, the actual Interest charged to your loan is based on the outstanding balance of your loan.

    In the current system:
    The difference between the actual interest charged and the interest included in the instalment may be available to you as redraw.

    In the new system:
    The difference between the actual interest charged and the interest included as part of the instalment will be applied to reduce the amount that you owe, meaning you will pay down your loan faster, while still being able to redraw up to the amount of your additional payments.

    If you are paying interest only then your repayments will be the actual amount of interest due on the outstanding balance.

    Please note: Standard redraw terms and conditions apply. Redraw is unavailable on fixed rate loans. Please refer to your advisor for financial advice.
  • Are my repayments changing when you move to the new system?
    No. Your repayments will not change just because we have moved to the new system. There is no change to the way we calculate monthly repayments and other frequencies will be using this same formula in the future.

    Any change to your loan that alters the interest rate, term, credit limit, or payment frequency in the new system will use the same formula to calculate the minimum repayment amount for each repayment period.
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