RESIMAC builds non-bank market share
RESIMAC Home Loans took a bigger slice of the non-bank adviser market last year, as overall applications rose by 32%.
Friday, August 24th 2018, 2:46PM
The mortgage lender has revealed its accounts for the year to June, showing its share of the non-bank adviser space rose to 42%, up from 35% the year before.
The group saw a 33% increase in overall settlements during the year, as alt-doc and specialist applications rose by 28%.
RESIMAC New Zealand boss Adrienne Church said new products aimed at advisers helped the firm gain ground over the past 12 months. “We’ve always worked closely with advisers but this really ramped up over the last year.”
Church said the increase in adviser business was a “strong indication” the company was “providing advisers with the solutions their clients need”.
RESIMAC and other non-bank lenders are on a charm offensive in the market as banks tighten credit conditions. RESIMAC and non-bank peers including Bluestone recently hosted a “speed dating” event to bring advisers and non-bank lenders closer together.
The push for business comes as banks make servicing tests more difficult for investors and other home loan applicants, with pressure from the Reserve Bank and Australian regulators causing lenders to cut credit.
RESIMAC said self-employed customers were a key growth area. RESIMAC saw an 80% increase in applications from self-employed people in the three months to June. “We made helping these borrowers a key-focus this year, using a combination of competitive rates and policy and loan features that recognize the different lending needs of self-employed Kiwis,” Church added.
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