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Using the six years of the spectroscopic monitoring of the luminous quasar HE 0435-4312 ($z=1.2231$) with the Southern African Large Telescope (SALT), in combination with the photometric data (CATALINA, OGLE, SALTICAM, and BMT), we determined the rest-frame time-delay of $296^{+13}_{-14}$ days between the MgII broad-line emission and the ionizing continuum using seven different time-delay inference methods. Artefact time-delay peaks and aliases were mitigated using the bootstrap method, prior weighting probability function as well as by analyzing unevenly sampled mock light curves. The MgII emission is considerably variable with the fractional variability of $\sim 5.4\%$, which is comparable to the continuum variability ($\sim 4.8\%$). Because of its high luminosity ($L_{3000}=10^{46.4}\,{\rm erg\,s^{-1}}$), the source is beneficial for a further reduction of the scatter along the MgII-based radius-luminosity relation and its extended versions, especially when the high-accreting subsample that has an RMS scatter of $\sim 0.2$ dex is considered. This opens up a possibility to use the high-accretor MgII-based radius-luminosity relation for constraining cosmological parameters. With the current sample of 27 reverberation-mapped sources, the best-fit cosmological parameters $(Ω_{\rm m}, Ω_Λ)=(0.19; 0.62)$ are consistent with the standard cosmological model within 1$σ$ confidence level.