RESIMAC applications up 30% as Homeloans profits soar
Non-bank lender RESIMAC enjoyed a 30% increase in New Zealand loan applications in the six months to January, as profits soared at parent company Homeloans Limited.
Adrienne Church, General Manager at RESIMAC, said the mortgage provider saw a marked increase in applications, as well as a 35% increase in settlements from July 2017 to January. She said RESIMAC’s net portfolio growth was up 55% in the six month period, compared to the same period in the prior year.
Church said: “Our numbers are strong. We have only been here for five years; the brand is out there and advisers are comfortable with us.” Church said discharges were down 8% in the six months to January.
It comes after Homeloans, RESIMAC’s Australian parent, updated the stock market last week. Homeloans merged with RESIMAC in 2016 in a deal that combined two of Australia’s biggest non-bank mortgage providers. The company recorded a net post-tax profit of A$11.9m in the six months to December, up 111%, noting strong growth in New Zealand.
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