Resimac to keep focus on broker channel

by Amy Rosenfeld12 Dec 2013
RESIMAC has hit back at reports claiming the company’s focus is on owning distribution channels, stating the non-bank lender will continue to expand its retail broker channel as well as strengthening its white label broker and mortgage management channels.

Reports quoting RESIMAC's 2013 financial report said the lender wants to "own distribution channels" to gain better control of its "destiny", but RESIMAC COO Allan Savins states that RESIMAC has never stopped supporting the broker channel.

“A lot has been written lately about lenders buying up aggregation companies. The reality is we equally support the third party intermediary market through RESIMAC Financial Services and our other white label arrangements. Recent reports of RESIMAC buying distribution channels were actually investments made back in 2011 and we have never taken our focus away from our other channels," Savins told Australian Broker.

Savins highlighted RESIMAC Financial Service's move earlier this year to slash 50bps off its specialist product range and 45bps off selected prime products as one example of its broker-focussed strategy.

RESIMAC Financial Services already had a broader product range and lower rates than its competitors, however the decision to cut rates beyond that of the RBA reductions further demonstrated our ongoing commitment to the third party broker channel," said Savins.

In an environment where competition in the market has diminished, the choice non-bank lenders such as RESIMAC Financial Services offer is key to helping brokers find a solution for their clients more often, says Savins, adding that RESIMAC will continue to develop products and systems that allow for broad and flexible solutions to all customer’s needs.

RESIMAC has the view that the best way to survive in a consolidating market is diversification and to be a genuine alternative to the banks. RESIMAC’s key point of difference is that we have a broader shopfront of products than any of our competitors.  We have products and policies that allow us to consider any loan application based on the needs of the borrower."


  • by A. BROKER 12/12/2013 4:46:50 PM

    If Resimac wants to be taken seriously by brokers that it truly supports the broker channel, then it needs to stop making promotional statements through alternative non-broker channels like State Custodians (which it owns apparently) by saying things like "WE DON'T PAY MORTGAGE BROKERS",
    and offer brokers a better deal.

  • by Nathan Daniell 23/04/2014 11:00:57 AM

    Hi A.Broker, I totally understand where you are coming from regarding State Custodians offering lower interest rates but they are an 'online' brokerage like UBank, owned by NAB, who under cut Homeside & NAB rates.
    I just secured a Formal Approval for a client who was skeptical about Resimac. In the end I directed her to State Custodians web site, which I told her, 'I have access to the same award winning product although my rates are higher because I will assist you face-to-face throughout the whole process'.
    Every time I update her regarding where the loan application is at I get comments like, 'Great news on the finance approval, loving the service."
    Don't be afraid of 'online brokerages' because we can always offer a far superior service.
    For the last 2 years I have used Resimac and I couldn't be happier with the products, rates and more importantly the service provided to me and my clients.
    Resimac clearly is dedicated to the third party broker channel and doing an exceptional job.