Resimac pulling out of New Zealand

The non-bank lender will stop accepting new home loan applications from 1 July, but will continue servicing existing clients and those with applications in the pipeline. 

Resimac chief executive Scott McWilliam says after a comprehensive review of the New Zealand mortgage market the “competitive environment” will continue to be restrictive for non-banks “for the foreseeable future”.

Resimac New Zealand has provided customers alternative lending products since 2012. Its parent company, Resimac Group, has been in operation since 1985.

Resimac’s top adviser since it started in New Zealand Jeff Royle of iLender says he is sad, but the writing has been on the wall for some time. “I am really disappointed they just did a press release yesterday without letting New Zealand’s advisers and aggregators know first.”