The non-bank lender is celebrating the fifth anniversary of its move into New Zealand and its general manager, Adrienne Church, says it all comes down to partnerships with advisers and clients.
She says that when RESIMAC first started advisers were unsure about non-banks – whether they’d stay and the value they offered.
“Now we have longevity; we have a good brand; we have good products; and we have a lot of loans. The advisers we work with know that we are not only here to stay, we are here to grow.”
One big reason for this is the partnership approach that RESIMAC takes to working with advisers.
Church says their approach means they don’t get in the way of the adviser-client relationship.
“We support that relationship with our commission structure; and the fact that we help borrowers where most other lenders won’t, creates ‘clients for life’ for the adviser.”
RESIMAC's data shows that 35% of their first 20 prime settlements are still with them while 50% were on their books for over three years.
Of their first 20 specialist settlements, 10% are still with them, 35% were on the books for over three years, and 15% converted to RESIMAC prime products.
Church says the borrowers who are still with them, or who stayed with them for a long period are evidence of the good customer experience they have had with both RESIMAC and their adviser.
While their first five years were about constant change, evolving products and policies, to meet the needs of borrowers, that has meant they have learnt a lot about the market and have created strong products for key niches.
Looking ahead, Church says they are heading for double-digit growth and focused on growing the business with advisers.
“We’ll continue to grow our existing business organically as well as looking for acquisitions that make sense – in home lending as well as in other product categories.
“And we’ll be doing a lot to showcase what the non-bank sector offers advisers and New Zealand borrowers.”
That includes trying new things like a “refunding the first month’s mortgage payment” campaign for Low Doc and Specialist clients.
For advisers who haven’t worked with Resimac to date, Church says their key strength is in helping good borrowers overcome a difficult financial past and get back on track.
“It’s a cliché, but ‘think outside the square’. If a deal doesn’t fit the norm, don’t put it in the too hard basket.
“Get in touch with us and we’ll be happy to take a look. Chances are we will be able to help, and we’ll work with you through the process.”
First 20 Prime settlements;
- RESIMAC's very first deal was written by Nathan Saminathan, he also wrote the third deal which only discharged a few months ago
- The fifth deal was written by Bruce Patten and it’s still on the books
- 35% are still with RESIMAC
- 50% was on the books for more than three years
- Further 10% only discharged last year
First 20 Specialist settlements;
- 10% still with RESIMAC
- 35% was on the books for more than three years
- 15% converted to RESIMAC Prime products