Why Resimac closed up shop in NZ

Added to that the lending market has been hit hard in terms in volume and he expects some other non-bank lenders will be reviewing their business.

For Resimac, the problem was compounded by its products being cheap, he says. “It was probably the non-bank lender’s undoing.”

“They had the most amazing products and they're going to be really hard to replace, but they were too cheap.”

“Last year less than $300 million was lent on mortgages for the whole year. It was shocker or the lending market overall. With low lending volumes and cheap products, the writing was on the wall for Resimac.”