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New 20-year Interest-only Home Loan Eases Cashflow Crunch For Property Investors
In a first for property investors in New Zealand, eligible borrowers now have the opportunity to lock in up to 20 years of interest-only payment terms for their residential property investments.
Property lending specialist Resimac has launched its new Cashflow 20 Investor Loan to help professional investors maximise the return on their investments, with mortgages taken out this year benefiting from interest-only repayments until 2042.
The interest-only repayments period is available for a maximum 50 per cent loan to value ratio (LVR). Principal and interest repayments apply to additional lending.
Resimac New Zealand General Manager Luke Jackson said savvy property investors have a long-term lens when assessing property opportunities, but there was a significant gap in the market for loan products that accommodate this future focus.
“Our new Cashflow 20 Investor Loan has been purpose-built to help investors seize opportunities now and build an investment portfolio in a cashflow-effective manner.
“In a climate of uncertainty that has seen banks pull back significantly on their interest-only mortgage options, Resimac is delighted to offer investors a unique product that gives them the predictability of up to 20 years of interest-only payment terms.”
Mr Jackson said the Cashflow 20 Investor Loan was another example of Resimac’s innovative approach to home lending.
Earlier this year, Resimac had its 'fast lane' method of assessing loan applicants validated by the latest changes to the Credit Contracts and Consumer Finance Act (CCCFA).
“Resimac is solely focused on residential property, so we’re more agile in designing solutions in response to customer demand,” Mr Jackson said.
“As property lending specialists, we think outside the square to create products that fit customers, rather than force customers to fit products.”
A marketing campaign spanning major metropolitan newspapers, digital, social media and radio is underway to support the Cashflow 20 Investor Loan.
Property investors interested in the Cashflow 20 Investor Loan can find out more at https://www.resimac.co.nz/2042vision.
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