RESIMAC, which only offers its loans through mortgage advisers, is limiting it to those who are loyal and meet specified requirements.
General manager Adrienne Church says it is restricting low equity lending to "selected relationship" to ensure its high LVR loans remain viable for the long term, that they are priced correctly and advisers are rewarded for loyalty and fully packaged deals.
She says RESIMAC's quality expectations for deal packaging and portfolio balancing include having appropriate LVR spreads (i.e: not all low equity lending), product diversification and conversion rates. The rules are subject to a monthly review to ensure RESIMAC Home Loans portfolio remains balanced.
"Existing pipeline deals will be honoured for everyone," she says.
RESIMAC will also Introduce:
“These changes are necessary to ensure we are able to continue to support our selected business partners write high LVR business. This shows RESIMAC Home Loans is committed to continuing to be a real alternative to New Zealand’s major banks,” Church says.
To add to these changes and in order to reward brokers for submission quality and to improve turnaround times, RESIMAC Home Loans will also introduce a ‘packaging bonus’ and a ‘priority channel’ for fully packaged deals (excluding valuation) regardless of the LVR.
Brokers that submit a fully packaged deal will be rewarded with a packaging bonus of $250 payable when the loan settles. This bonus is designed to incentivise brokers to submit applications that meet all of RESIMAC’s requirements and to improve turnaround times, this will be available until January 31.
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