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RESIMAC answer broker questions over its new channel

RESIMAC has launched a direct offering to retail borrowers to build the company's brand and reach parts of the market it isn't represented in. RESIMAC general manager Adrienne Church answers some of the questions she is receiving from brokers.

Thursday, November 10th 2016, 4:06PM

Church says since RESIMAC launched in New Zealand four years ago, it has focused its efforts on distributing home loans through mortgage brokers. 

It has recently expanded its distribution footprint, with a white-label program with KiwiSaver provider Booster (formerly Grosvenor Financial Services) and last week launched a direct to consumer channel called RESIMAC Direct.

She says this channel is all about raising awareness of the RESIMAC brand and "acquiring incremental customers who we previously have been unable to access."

"These customers prefer to research their home loan options themselves, and then contact their choice via digital or direct channels – both online and over the phone. Our intent with these customers is to provide them with solutions that focus on RESIMAC’s key value proposition – Specialist Lending. 

"While the customer experience will be different due to the different requirements for a direct channel, our products and services will not, they will be consistent across all RESIMAC channels. The definition of success for this channel is growth of our overall distribution footprint and customer numbers, not migrating customers from one channel to another."

"With the increased brand awareness that will come as a result of the launch of the new channel, we are expecting all our channels to benefit."

 

Q. Does this mean RESIMAC doesn’t want deals from brokers?
A. No, we still support the broker network - our new direct channel is all about reaching borrowers we currently don’t have access to.

Q. What about your marketing strategy. This is surely going to take some business from brokers?
A. We will be marketing our brand and our niche products to borrowers, this will raise the awareness of these to borrowers which will benefit all channels. Anecdotally brokers only reach around 30-35% of borrowers in New Zealand. Our intention is to reach out to the other 65% of new business in New Zealand and grow our market to the benefit of all.  Advisers and customers, with more information and choice.

Q. What will this mean to turnaround times?
A. The initial resources required for this channel are all front end, we’re leveraging our sister company's resources in Australia to help with this so the impact to our brokers will be nothing initially, if this channel is successful that will mean an increase in resources which will benefit everyone.

Q. Will you be poaching my clients?
A. No, this new channel is to grow the RESIMAC business with incremental growth opportunities, not about obtaining clients we already get….one of our first questions to the borrowers will be ‘have you already seen a broker?’

Q. Will borrowers get different pricing through RESIMAC?
A. No, our rates to borrowers are the same as through our broker channel

Q. Do direct custimers get the same products as brokers?
A. Yes, there is no difference to products or fees.

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 ▼5.20 ▲4.20 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▲3.45 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 ▼3.89 ▼4.05 ▼4.39
Sovereign Special - ▼3.39 ▼3.55 ▼3.89
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 3.99 4.07 4.39

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