Non-bank launches in NZ after pilot success

by Mackenzie McCarty08 Nov 2012

A non-bank lender will officially launch its business in New Zealand today after a three-month pilot.

Resimac chief operating officer Alan Savins told Australian Broker the bank's initial foray into New Zealand through three broker groups including Loan Market had resulted in a number of settled loans and tested a service delivery that he hopes will set the lender apart. 

"That is what we plan to materially compete on in New Zeland," Savins said.

"Now that we have received a good flow of business, we have the confidence that the business can handle the scalability needed," Savins said.

Savins said brokers within its intial pilot partners had begun seeing a point of difference in its value proposition, and it was now getting requests for accreditation from more brokers within those groups.

Resimac plans to have 300 accredited brokers by the end of this year.

"New Zealand represents a key diversification strategy for us. There is a desire to diversify at many levels, including distribution, funding, geography and asset classes," Savins said.

Savins said the industry landscape is similar from a legislative perspective, and that it could provide a genuine alternative to the major lenders in that market in a similar way to Australia.