Resimac pulls out of NZ mortgage lending

Non-bank lender Resimac has announced that it will cease accepting new home loan applications in New Zealand from 1 July 2024.

After a comprehensive review of the New Zealand mortgage market, the non-bank lender said that the “competitive environment” would continue to be restrictive for non-banks “for the foreseeable future”.

Resimac said that it will continue to service existing New Zealand customers and any customers with an application currently in the pipeline.

Scott McWilliam, Resimac’s CEO, said: “Resimac New Zealand has provided customers alternative lending products since 2012 and has been a trusted non-bank lender during this time.”

He continued, thanking members of the industry for their support: “I would like to personally thank all of our people, brokers and business partners who have supported our New Zealand business over the past 12 years.”

[Related: Resimac prices $750m prime RMBS]