Two years after merging their businesses, Homeloans and RESIMAC Limited will soon be unified under one brand, it has been announced today.
From 3 December the non-bank lender will begin marketing under the refreshed ‘Resimac’ brand and will start migrating customers.
The Homeloans Ltd parent company will also be renamed as Resimac Group Limited subject to shareholder approval.
Joint chief executive officer Scott McWilliam said the move will have no impact on its mortgage book of more than $12billion and over 50,000 customers.
In an interview with Australian Broker, McWilliam said it was a natural evolution after the groups merged in 2016.
He said he was excited that the new brand would better represent their business strategy as they work to diversify, adding that the brand Homeloans really only suggests one thing.
McWilliam said this did in no way mean the Homeloans brand was being killed off.
He added, “I’m excited because we’re simplifying the process for brokers and for customers.
“I'm excited that we’re operating under one brand going forward… [and] that under this brand we can best represent our position going forward down the third-party channel.
“I'm also excited that we’re not actually killing the Homeloans brand, where we’ll be using the brand to help us with other parts of our distribution.”
For brokers worried about what this might mean for pending applications or customers with either brand currently, McWilliam was quick to reassure them.
He said, “It truly is just a change of product and company name. The company is no different tomorrow than it is today. When you talk about brand your brand is more than just a word, it’s your service, its staff.
“In terms of the existing book, we will over time change the branding on our back book as well, but that takes longer.
“Our processes have been consolidated. This is a change to brand, so the impact from a processing perspective does not change, product pricing does not change.”
Joint chief executive officer Mary Ploughman described Resimac as an enhanced version of the legacy RESIMAC brand.
She said, “It retains the respect this established brand has among investors and the broader market, but also reflects our history as a challenger and innovator and our desire to provide an exceptional customer experience. It really is taking the best of both worlds and we are confident it will help take our business to the next level.”
An AGM, at which Homeloans shareholders will vote on Homeloans Ltd changing its name to Resimac Group Limited, will be held on 26 November, 2018.