Resimac offers special launch rates
Australian non-bank lender Resimac has officiaily launched in New Zealand and is offering special rates to announce its arrival.
Friday, November 9th 2012, 9:30AM
At a launch function in Auckland yesterday Resimac chief operating officer Allan Savins said that Resimac plans to be aggressive in the market and take on the banks.
He says that Resimac "is a genuine alternative to the mainstream banks."
"New Zealand consumers will benefit from increased competition, not market domination."
Resimac's launch specials include a standard variable rate of 5.55% and a one-year fixed rate of 4.95%. These standard products require a loan to value ratio of less than 80%. Its lo-doc variable rate is 5.95% with a maximum LVR of 70%.
Resimac is one of the biggest non-bank lenders in Australian and continued to lend during the global financial crisis.
It's business model uses securitisation to fund loans, and it has managed in continue to do this recent years. Its latest securitisation proramme was over-subscribed
It bought the NZF Home Loans business and in the past few months has been running a pilot programme with selected mortgage advisory firms to test its process and products.
Resimac joins Sovereign as lenders who pay mortgage advisers upfront and trail commissions on home loans.
Broker feedback to the NZ Mortgage Magazine shows that Resimac's lo-doc loans have been popular.
The lender also offers specialist, or non-conforming, loans in Australia and expects to bring similar products to New Zealand in the future.
"We have a strong desire to evolve new products in 2013," Savins said.
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