Understanding Resimac: An Australian Lending Overview
Resimac Group Ltd, listed on the Australian Securities Exchange (ASX: RMC), stands as a significant player in Australia's non-bank lending sector. Its roots trace back to two specialist originators, FANMAC and Homeloans Ltd, both established in 1985, which merged in 2016 to form the current entity. This fusion created a robust platform, allowing Resimac to operate an integrated "originate-to-hold" business model, meaning they not only write loans but also fund and manage them on their balance sheet, complemented by wholesale market funding.
As a non-bank lender, Resimac offers an alternative to traditional banks, often providing more flexible solutions for a wider range of borrowers. Their target market is broad, encompassing prime owner-occupiers, investors, and extending to self-employed individuals, those with complex income structures, or those who might be considered "near-prime" or "specialist" borrowers due to past credit events or unique circumstances. While Resimac operates across all Australian states and territories, and even has operations in New Zealand, the primary distribution channel for their loan products in Australia is through a vast network of over 12,000 accredited mortgage brokers. Additionally, they offer a direct digital channel via homeloans.com.au, providing an end-to-end online application experience.
Resimac's Diverse Loan Offerings and Key Features
Resimac provides a comprehensive suite of financial products tailored to various Australian borrowing needs. Their core offering is residential home loans, available with both variable and fixed interest rates, alongside specialist and near-prime options designed for those who may not fit standard bank lending criteria. For prime borrowers, loan amounts generally range from a minimum of AUD 50,000 up to AUD 5 million, with repayment terms extending from one to thirty years. Repayment frequencies are flexible, allowing for weekly, fortnightly, or monthly schedules to suit individual budgets.
Beyond home loans, Resimac also extends into asset finance. They offer car loans for both consumer and commercial purposes, with borrowing limits typically up to AUD 150,000 and terms of one to seven years, repaid monthly. Small to medium enterprise (SME) and commercial finance options are also available for equipment, assets, and insurance premium funding, reaching up to AUD 350,000 with terms of one to five years, also with monthly repayments.
Interest rates vary based on the loan product and borrower profile. For home loans, current variable rates range from approximately 5.64% p.a. to 8.94% p.a., with comparison rates from 5.94% p.a. to 9.04% p.a. Fixed rates, typically for one to five-year terms, generally fall between 5.99% p.a. and 7.49% p.a. Specialist and Alt-Doc (alternative documentation) loans, designed for self-employed individuals or those with non-traditional income, see rates from 6.94% p.a. to 8.74% p.a. It is important to remember that comparison rates include certain fees and charges, offering a more holistic view of the loan's true cost.
Regarding fees, Resimac generally charges no application fee for most home loans, though asset finance applications may incur a fee starting from AUD 150. Settlement fees can range from AUD 529 to AUD 1,279. Some loan packages may include an annual fee of AUD 299 to AUD 399. Other potential costs include a discharge fee (AUD 300 to AUD 608) when the loan is paid off, and a late payment fee of AUD 25 to AUD 35. For home loans, a mortgage over the property is the primary collateral, with Lenders Mortgage Insurance (LMI) typically required for Loan to Value Ratios (LVRs) above 80% for prime borrowers. Specialist loans may have different LMI requirements or accept alternative asset security.
Navigating the Resimac Application and Digital Experience
For potential borrowers, understanding the application process is crucial. Resimac primarily leverages its extensive network of over 12,000 accredited mortgage brokers across Australia. This broker-centric model means that most applicants will engage with a financial intermediary who can guide them through the process, compare Resimac's offerings with others, and assist with documentation. For those who prefer a more direct approach, Resimac offers an online application channel through its homeloans.com.au website, which facilitates an end-to-end digital process, including document uploads and online calculators.
The Know Your Customer (KYC) and onboarding process requires standard documentation. This typically includes digital identification verification (such as passport or driver's licence), proof of income (payslips, tax returns, or financial statements), and declarations of assets and liabilities. For self-employed individuals or those applying for Alt-Doc loans, alternative documentation like bank statements and Australian Taxation Office (ATO) notices are accepted. Resimac employs proprietary scorecards for credit assessment, with automated decision-making for standard borrowers and manual reviews for more complex or specialist applications. Key factors considered include serviceability, LVR, credit history, and income stability.
When it comes to digital tools, Resimac does not offer a dedicated mobile application for its customers. Instead, borrowers manage their accounts through a web-based "CustomerZone" online portal. This portal is designed to be accessible via any web browser on desktop or mobile devices, offering features such as account management, access to statements, and online calculators. The main website, homeloans.com.au, also provides a responsive design, ensuring a functional user experience across various devices. Loan disbursements are made via electronic funds transfer (EFT) directly to an Australian bank account, with no cash or mobile-money options.
Regulatory Standing, Market Position, and Borrower Considerations
Resimac operates under strict regulatory oversight in Australia, holding Australian Credit Licence (ACL) 229905, issued by the Australian Securities and Investments Commission (ASIC). As a responsible lender, Resimac adheres to ASIC's guidelines, including ongoing compliance with responsible lending obligations. Furthermore, Resimac is a member of the Australian Financial Complaints Authority (AFCA), providing an independent external dispute resolution scheme for consumers should issues arise. They also maintain a clear hardship policy and ensure transparent fee disclosure, including comparison rates, to protect consumers.
In the competitive Australian lending landscape, Resimac holds a strong position as a top ten non-bank lender, commanding approximately 5% of the residential mortgage market share. Their primary competitors include other prominent non-bank lenders such as Pepper Money, Liberty Financial, Bluestone, and Firstmac. Resimac differentiates itself through its deep relationships with mortgage brokers, which account for over 85% of its loan volume. Their expertise in specialist and near-prime lending, coupled with an integrated funding platform built on a history of Residential Mortgage-Backed Securities (RMBS) issuances since 1988, further solidifies their unique market offering. Recent growth indicates strong performance, with home loan settlements reaching AUD 2.0 billion in 2024, representing a 17% year-on-year increase.
Customer reviews for Resimac's direct channel, homeloans.com.au, show an average rating of 4.3 out of 5 stars from over 4,000 reviews. On platforms like Trustpilot, Resimac holds a rating of 3.8 out of 5 stars from over 1,200 reviews. Common feedback sometimes points to documentation delays, particularly for specialist loans, and some customers note the limitations of a broker-only channel for direct access. However, the company provides dedicated broker support and its online portal offers 24/7 account management.
For potential borrowers considering Resimac, a few practical pieces of advice are vital. Firstly, engaging with a reputable mortgage broker is often the most effective way to explore Resimac's offerings, especially given their broker-centric model and specialist product range. A broker can help navigate the complexities and compare Resimac's terms with other lenders. Secondly, prepare all necessary documentation thoroughly, especially if you are self-employed or seeking a specialist loan, to minimise potential delays. Understand the full fee structure, including application, settlement, annual, and discharge fees, in addition to interest rates and comparison rates. Finally, consider your own credit profile and specific needs. Resimac's flexibility for near-prime or specialist borrowers can be a significant advantage, but it is important to ensure the terms align with your financial situation and long-term goals. Always compare their offerings against other lenders in the Australian market to ensure you secure the most suitable and competitive product for your circumstances.
