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By Tim Neary
June 25, 2012
Allan Savins
Non-bank lender RESIMAC is set to pilot a home loan offering for the New Zealand market.
Chief Operating Officer Allan Savins called the pilot a "key step forward" for the lender.
"Our dedication and experience has ensured RESIMAC's success for more than 27 years and we are confident that we can add significant value to the New Zealand mortgage market," he said.
RESIMAC acquired the majority stake in NZF Home Loans in December 2011. It continues to service the loan book, and has intentions to launch a full service later in 2012.
The pilot will run in conjunction with select business partners, showcasing three RESIMAC products: Standard Home Loan, Non-Resident Loan, and an Uninsured Low Doc Loan.
This move follows one earlier when RESIMAC made a series of policy changes designed to simplify its offering to the non-traditional lending market.
The changes included introducing a simpler borrower credit classification, increasing loan and LVR amounts as well as enhancing cash out policies and default treatments.
Savins said at the time that RESIMAC's focus was to deliver a broader range of products.
Related Story
Non-bank changes rules, chases non-traditional market - Non-bank lender RESIMAC will make a series of policy changes to its specialist product range to simplify its offering to the non-traditional lending market.
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