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Resimac in $300m mortgage offering

Resimac has issued a $300 million residential mortgage backed security, providing funding and liquidity to the non-bank as it grows market share in New Zealand.

Wednesday, September 16th 2020, 10:29AM

The Aussie-based non-bank, led in NZ by Luke Jackson, has issued a residential mortgage backed security in New Zealand, supported by institutional investors.

The transaction, the biggest of its kind since the financial crisis, frees up Resimac to lend more money into the NZ mortgage market. 

BNZ and Westpac arranged the transaction for Resimac, with Deutsche Bank a co-manager.

The lender said the securitisation "provides further support for the ongoing growth of the business and reflects the strength of Resimac’s wholesale funding programme".

It comes as Resimac makes an aggressive play for prime borrowers in 2020, slashing mortgage rates in line with traditional lenders and relaxing its servicing criteria.

Jackson said: "It has been a challenging time for many lenders, however unlike some, Resimac hasn’t needed to slow down on lending volume or make any changes to credit policies. Despite the initial dire predictions, the property market has held up, and many businesses have adapted to the lockdowns well.

"Resimac’s continued availability and pragmatic approach has fuelled its record growth over the past few months, with large numbers of mortgage advisers making contact and submitting non-bank deals for the first time. It’s been a lightbulb moment for many as they realise Resimac is a prudent prime mortgage solution for their clients," he said.

ASX-listed Resimac posted a net profit after tax of A$55.7 million at its full-year results, up 79% on the previous year. Home loan settlements hit A$4.7 billion, up 30%.

Tags: non-bank lenders RESIMAC

« Kiwibank just over a month away from entering adviser marketHeartland reverse mortgage book grows 10% »

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 3.85 3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.45 2.65 2.79
Kainga Ora 4.43 2.93 3.07 3.24
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
SBS Bank 4.54 3.05 3.19 3.25
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.55 2.69 2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 3.29
TSB Bank 5.34 3.29 3.45 3.59
TSB Special 4.54 2.49 2.65 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.15 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.00 3.13 3.02

Last updated: 1 October 2020 9:07am

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