Resimac will generate e-valuations and desktop valuations for properties instead of making borrowers pay for their own registered valuation, a move it says will free up time and money for borrowers.
The non-bank says desktop valuations will "create further efficiencies, speed up the application process and improve customer experience", and will be available to Prime customers.
Luke Jackson, Resimac New Zealand head, told TMM Online: "We are looking at every deal we can, and if we can get comfortable with a desktop value, we are doing that. If we don't need a registered valuation, we won't be conditioning for one. We're always looking at ways to improve the offering to the adviser network and the flow-through to customers."
It comes after the lender recently cut its servicing test rate from 7% to 6%, and introduced rate cuts across its home loan range.
Jackson added: "We've reduced our servicing rate, we have reduced interest rates, and now with desktop valuations there will be a great benefit for brokers and borrowers."
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