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Upgrades boost Resimac's portfolio

Resimac Group provided a trading update on Tuesday giving investors a first look in the company’s first-half results for FY22.

The non-bank home loan lender saw record home loan settlements for the July to October period of $2.5 billion, up 72% on the previous corresponding period. By the end of the half, the company is expecting that number to increase to around $3.3 billion.

With business units comprising originating, servicing and funding prime, non-conforming residential mortgages and asset finance products in Australia and New Zealand, its home loan portfolio increased to $14.5 billion at the end of October, with an annualised growth of 15%.

In September, the company launched the brand campaign, coinciding with the end of lockdowns, as a result October’s applicantions were 70% higher than the first quarter monthly average.

The company also recently went live on a new loan origination system in New Zealand, with the system to be rolled out in Australia just before Christmas. It is hoped that the system will help Resimac’s origination process reach its targeted $8 billion home loan settlements for the 2024 financial year.

Additionally, a new digital core banking system will roll out in New Zealand in mid-December, with the Australian version on track to be live in late FY22.

Assuming the financial markets remain stable for the remainder of the first half, the company is expecting its normalised net profit after tax to be in line with or higher than 1H21.

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