Non-bank rebranding approved, $750m RMBS secured

Homeloans’ shareholders have voted in support of the non-bank’s parent company being renamed Resimac Group Limited at the group’s annual general meeting.

The non-bank has noted that shareholder approval has paved the way for Homeloans and its wholly owned subsidiary RESIMAC Limited to be unified under the new Resimac brand from 3 December, following the announcement of the proposal on 24 October.  

Homeloans joint CEOs Mary Ploughman and Scott McWilliam have described the change as a “natural evolution” following the 2016 merger of the Homeloans and RESIMAC companies.

Speaking to Mortgage Business’ sister publication, The Adviser, following the announcement, Mr McWilliam provided some background regarding the decision to keep the Resimac name: “We believe that both brands have a lot of brand equity and either would have been a good choice. To give us true independence in making the decision we engaged an external consultancy in the decision process.

“[But], the reason for doing it is because we are looking to simplify our brand position both internally and externally. Like the two brands came together as a result of the merger, the reality is we are one company, and it is important that we have one brand that represents us moving forward and represents our forward-facing statement.”

This statement, Mr McWilliam said, involved “relaunching ourselves into the market as a service-orientated as well as a digitally focused business”.

He explained: “Since we came together, we’ve been saying to the market that we want to be a more diversified non-bank lender, and the Resimac brand better represents that positioning statement than the Homeloans brand does, because Homeloans is obviously a descriptive term for a particular product.

“That is one reason why the Resimac brand makes more sense on top of a more diversified business.”

According to the non-bank, the unified Resimac Group will have a mortgage book totalling more than $12 billion and over 50,000 customers.

The group has also stressed customer loans would not be affected by the change.

$750m RMCS transaction closes

The group has also announced the close of a residential mortgage-backed security (RMBS) transaction, totalling $750 million, which consists of 10 tranches.

The RMBS transaction is the group’s third public transaction in 2018.

The group noted that Citigroup Global Markets Australia and NAB acted as joint arrangers. Citigroup Global Markets Australia, NAB, and Westpac acting as AUD joint lead managers. Citigroup Global Markets, NabSecurities, and LLC acted as USD joint lead managers.

[Related: Over 82% of PEXA shareholders approve acquisition]