Resimac positions itself to compete with big banks
By
Andrea Lavigne
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4/02/2010 8:50:00 AM
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9
comments
Resimac is on the cusp of launching its new retail lending business.
A successful pilot of Hemisphere Financial Solutions business has convinced the wholesale mortgage funder to go forward with the venture on a full scale as its first direct lending business to home borrowers.
Hemisphere will sell a standard variable mortgage at 6.19% through its website and mortgage brokers.
The rate is currently besting products available from the big banks - it's .3% cheaper than NAB and .57% less than Westpac.
Resimac has been developing Hemisphere for more than a year. COO Allan Savins told MPA about its plans last September.
"It's an exciting time for Resimac," he said. "We have spent a lot of time and resources on re-engineering our business to deliver a viable offering to our customers."
Resimac director of products Frank Knez told the Herald Sun that Resimac will be putting a lot of effort into building the brand on the web and print media.
"We want to position Hemisphere in the market as good on customer service - this is not just about price."
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Latest Comments
Total:
9
comment(s)
Broker on
04 Feb 2010 10:41 AM
All well and good, but really who pays the SVR anyway???.
99.9 % of my clients ( and no doubt everybody elses)are either on BVR or pro pack rates, so why bother e ven mentioning SVR''s???
allan on
04 Feb 2010 04:07 PM
broker, your exactly right! for instance, st goerge have a discount rate of 5.98%... which has a full offset and all the bells and whistles, even though there is an annual fee, why would you bother with this mob?
its funny how you can go through a mortgage manager who deals with resimac and get a cheaper rate than going direct!
Broker Watcher on
04 Feb 2010 05:58 PM
NATIONAL FINANCE CLUB @ 5.81%. Now that''s a product worth talking about
MO on
05 Feb 2010 09:51 AM
Won't matter what products they bring to the general public or brokers - getting an approval out of RMC is like pulling teeth and when you do, there is a list of conditions a mile long. Why don't you get your credit right before trying to compete on rate RMC
allan on
05 Feb 2010 10:47 AM
Broker watch - what are the exit fees associated with the NFC loan??
another thing worth considering are the costs such as LMI. the big banks generally have their own LMI and are far cheaper than the non-banks
allan on
05 Feb 2010 10:48 AM
its funny how Resimac boast about how they have been in the mortgage industry so long, yet their loan book is so small!
RESIMAC Mortgage Manager on
05 Feb 2010 11:53 AM
RESIMAC is setting out to compete directly with its Distribution Partners.... but that won''t matter as RESIMAC rarely engage in dialogue with those who bring business to their door....
Steve on
05 Feb 2010 02:59 PM
RE: Resimac Mortgage Manager - Don''t all the banks and funds compete with their brokers / business partners anyway? ING / CBA / NAB / Challenger etc and on a FAR greater scale. Look at this for what it is, particularly on the retail side. it is competition and with the rate at 5.84% for the pro pack it competes well with the majors. However, like all lenders the proof is in the pudding!
brizbroker on
05 Feb 2010 03:48 PM
Dont tell me some of you guys might actually start throwing a few deals to someone other than CBA or Westpac? Resimac are still here. Back them. No good for anyone if they disappear. Same goes for firstmac- Allan, you can find an offset loaded with bells and whistles and NO fees far cheaper than 5.98%.