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RESIMAC in merger talks with fellow non-bank lender

Two of the biggest non-bank lenders are looking to merger to take advantage of the changing lending environment in both Australia and New Zealand.

Wednesday, July 20th 2016, 1:00PM

Listed Australian non-bank lender Homeloans is in discussions to merge with RESIMAC to create a combined group that would have a loan portfolio of more than A$13 billion.

It has entered into a Scheme Implementation Agreement sets out a plan to merge with RESIMAC. If the deal does ahead as planned RESIMAC shareholders will hold 72.5% of the merged group and existing Homeloans shareholders will hold 27.5%.

In its statement to the ASX Homeloans says the deal with provide it with:

  • greater scale and expertise;
  • improved growth opportunities;
  • greater product manufacturing capabilities;
  • enhanced access to securitisation markets; and
  • a broader distribution platform for mortgage and other products.

It is still early days and unclear what the deal will mean for RESIMAC in New Zealand. However, with regulators in both countries making it harder for banks to lend, especially to property investors, there are new and emerging opportunities for non-bank lenders.

“Homeloans and RESIMAC have highly complementary businesses and strategies,” Homeloans chairman Robert Scott said.

Homeloans has a strong brand in the Australian mortgage industry and a national distribution network, while RESIMAC has well established securitisation, product manufacturing and development capabilities.

The merged group will create a leading non-bank lending and distribution business in Australia and New Zealand with a loan portfolio exceeding A$13 billion.

The deal will bring together the Homeloans brand, existing wholesale funding arrangements, and third party broker relationships with RESIMAC’s established and well regarded securitisation capabilities, strong product development and distribution channels.

Tags: RESIMAC

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Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 ▲4.05 4.49
ANZ Special - 3.55 ▲3.55 3.99
ASB Bank 5.20 3.89 4.05 4.39
ASB Bank Special - 3.39 3.55 3.89
BNZ - Classic - 3.49 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide ▼5.65 ▼4.75 ▼4.75 -
Credit Union North 6.45 - - -
Credit Union South ▼5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.54 3.54 3.69
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 4.14 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.39 3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.39 3.45 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.45 3.99
Median 5.34 4.04 4.09 4.39

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