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.
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