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Resimac and Loan Market launch NZ joint-venture

Australia-based non-bank lender Resimac has launched its first suite of home loans in the New Zealand market, a joint-venture with the Loan Market aggregation group called Economy Home Loans.

Thursday, June 21st 2012, 3:36PM 3 Comments

by Jenny Ruth

Led by business development manager Scott Bailey, Economy will initially provide three types of mortgages to Loan Market's about 145 mortgage advisers  in New Zealand who will be able to market them under their own business brands.

From next month, Loan Market brokers will be able to access finance for standard prime home loans, non-resident prime loans and an uninsured low-doc product with a revolving credit facility.

Bailey told Loan Market's annual conference the target market for the prime loans includes first-home buyers "looking for a good rate, guidance and service. Borrowers wanting an alternative to the banks."

The low-doc product will be aimed at self-employed people such as those who have only been in business a short while and who want access to a line of credit. It would also be suitable for investors  -- Economy will offer five-year interest -only loans "at a compelling LVR (loan-to-valuation ratio)," Bailey says.

It may also suit those looking to refinance or to consolidate debt or those wanting to cash up equity for an investment property or to invest in a business, he says.

Through Economy's ecoOnline service, Loan Market mortgage advisers will have access to full loan details.

"It's your product, your way to get a client for life." Rather than having to contact a call centre, clients will be about to deal directly with their adviser on all matters relating to their loan, Bailey says. 

Economy will offer a full suite of interest rates from floating through to five-year fixed -term mortgages - it won't offer six or 18 month terms at first, but those terms will be offered further down the track.

 Australia-base Resimac chief executive Allan Savins told the conference Resimac and Loan Market have operated a similar joint-venture in Australia for the last two years.

Before the GFC, there were 30 non-bank mortgage lenders in Australia but now Resimac is one of only two, Savins says.

Because of the exit from the New Zealand market of so many non-bank lenders, such as GE, "many of you have a sour taste I your mouths," he says.

What differentiated Resimac from the other non-bank lenders was its access to capital and its relationships with investors around the world, Savins says.

Resimac has been operating for the last 27 years and ratings agency Standard & Poor's has given it a "strong" ranking.

« Co-operative Bank grows mortgage book, gains new CEONew RBNZ governor revealed »

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Comments from our readers

On 22 June 2012 at 6:18 pm Clarry Inwood said:
I would be very keen to look at using such an organisation. The stranglehold that banks have had on business needs to be broken.
On 25 June 2012 at 11:29 am Robyn Ashkettle Loanmarket said:
Perfect! Clarry please contact me and I will be very happy to assist anytime.This is the very reason we have teamed up with Resimac.
On 20 August 2012 at 3:08 pm Margaret said:
I would also be very interested in using Resimac. Looks like a great alternative option to the banks.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

Last updated: 30 October 2024 9:36am

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