Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Resimac Defies COVID-19 And Maintains Strong Business Levels

Leading non-bank mortgage provider Resimac has maintained strong business levels during the COVID-19 lockdown and seen a 30% increase in enquiry levels since Easter.

Head of New Zealand Luke Jackson said he was pleasantly surprised at the market response despite the country facing level-four movement restrictions and believed two main factors were behind it.

“We are hearing from our mortgage adviser network that banks are not focussing on new business and are preoccupied with processing COVID-19 hardship applications. As a result more borrowers and advisers are turning to non-banks.

“We are also receiving an increased number of refinance applications, as well as applications from people who have committed to purchase a property only to have their lender not honour their pre-approvals,” Mr Jackson said.

“This is happening against the longer-term backdrop of non-bank lenders taking market share away from banks. Non-banks are now providing interest rates that match bank rates. For example, Resimac recently launched a 3.49%pa variable mortgage rate and a two-year fixed rate of 3.39%pa.

“The view that non-banks only pick up customers banks do not want to deal with is changing. Non-banks are now being seen as a true alternative to trading banks. On top of this banks do not appear to be offering ‘cashbacks’ any more, which was the primary tool banks previously used to buy their customers,” he said.

"I expect in the coming months the non-bank share of the mortgage market will continue to grow as more advisers and borrowers recognise the attractiveness of non-bank lending solutions," Mr Jackson added.

About Resimac

Resimac NZ Home Loans Limited (Resimac) is one of New Zealand’s premier non-bank lenders, with headquarters in Auckland and well-established operations serving advisors and consumers throughout the country. Resimac is a 100% owned subsidiary of the Australian Securities Exchange-listed Resimac Group Ltd, which operates under a fully integrated business model comprising origination, servicing and funding prime and non-conforming residential mortgages in Australia and New Zealand. With over 250 people operating across Australia, New Zealand and the Philippines, the Resimac Group has in excess of 50,000 customers with a portfolio of mortgages on balance sheet of greater than $10b and assets under management in excess of $13b.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Motor Industry Association: 2020 New Vehicle Registrations Suffer From Covid-19

Chief Executive David Crawford says that like some other sectors of the New Zealand economy, the new vehicle sector suffered from a case of Covid-19. Confirmed figures for December 2020 show registrations of 8,383 were 25% ... More>>

CTU 2021 Work Life Survey: COVID And Bullying Hit Workplaces Hard, Huge Support For Increased Sick Leave

New data from the CTU’s annual work life survey shows a snapshot of working people’s experiences and outlook heading out of 2020 and into the new year. Concerningly 42% of respondents cite workplace bullying as an issue in their workplace - a number ... More>>

Smelter: Tiwai Deal Gives Time For Managed Transition

Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. The Government is committed to working on a managed transition with the local community,” Grant Robertson said. More>>


OECD: Area Employment Rate Rose By 1.9 Percentage Points In The Third Quarter Of 2020

OECD area employment rate rose by 1.9 percentage points in the third quarter of 2020, but remained 2.5 percentage points below its pre-pandemic level The OECD area [1] employment rate – the share of the working-age population with jobs – rose ... More>>

Economy: Strong Job Ad Performance In Quarter Four

SEEK Quarterly Employment Report data shows a positive q/q performance with a 19% national growth in jobs advertised during Q4 2020, which includes October, November and December. Comparing quarter 4, 2020, with the same quarter in 2019 shows that job ad volumes are 7% lower...More>>

NIWA: 2020 - NZ’s 7th-warmest Year On Record

The nationwide average temperature for 2020, calculated using stations in NIWA’s seven-station temperature series which began in 1909, was 13.24°C (0.63°C above the 1981–2010 annual average). New Zealand’s hottest year on record remains 2016, when... More>>

Quotable Value New Zealand: Property Market Set To Cool From Sizzling To Warm In 2021

Nostradamus himself could not have predicted the strange series of events that befell our world in 2020 – nor the wild trajectory of New Zealand’s property market, which has gone from “doom and gloom” to “boom and Zoom” in record time. Even ... More>>