Resimac is a frontrunner in the growing space of non-bank and specialist lending, and recently entered the next stage of growth with the appointment of Luke Jackson as its Head of New Zealand.
Identifying itself as a near-bank, Resimac doesn’t see itself as a typical short-term solution for customers who can’t get finance from a main bank. Jackson spoke to NZ Adviser about the growing role of near-banks in the market, and the vital point of difference that they provide when it comes to obtaining a mortgage.
“The non-bank space is really growing in New Zealand, and Resimac is in a really exciting place,” Jackson said.
“At a non-bank, it all comes down to treating people individually and dealing with them on a case-by-case basis. We don’t use any auto-decision tools, and our job takes a little more skill and care in terms of getting into the detail and making a personalised decision. We’re fortunate to have a number of great underwriters, so we can look at a high volume of transactions. It is that personalised review of the deal that makes the difference.”
Jackson says that while the main banks previously took up the majority of the home loan space, there is now a strong need for alternative solutions. Resimac New Zealand is currently supported by its parent company in Australia, and with a number of recent hires to the underwriting team, Jackson says growth is definitely on the horizon.
“That’s made a very clear market for near-bank providers, and we are the frontrunner in this space,” Jackson explained. “We’ve got huge support from Australia, and our new underwriters will provide autonomy to New Zealand’s decision making. We’re really looking to make the most of it and see some good growth.”
“There are many reasons why people may not fit the box of the bank – commonly, our customers are self-employed or have some adverse credit,” he concluded. “We’re setting up long-term mortgage solutions for them, and our structure is based on allowing clients to improve their credit history. We’re not only looking to grow our book, but also how we can look out for our existing customers.”