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Non-bank lender Resimac announced today (3 March) the purchase of Westpac’s auto finance and novated leasing portfolio.
This move will see Resimac acquire a $1.5 billion loan book and around 100,000 customers.
Resimac’s interim CEO Susan Hansen said the move is in the name of expansion for the lender.
“The acquisition transaction is a critical part of our growth strategy, enabling us to broaden our auto finance and novated lease offerings.
“We have demonstrated our capabilities in data and portfolio migration along with significant funding execution. We will continue to assess further acquisition opportunities that align with our growth and diversification objectives,” she said.
After the completion of this acquisition, Resimac’s total assets under management are now valued at $15.7 billion.
This latest announcement comes fresh off the back of Resimac's half yearly results, in which the non-bank reinforced its commitment to customer and broker growth.
At the time, before the acquisition, the lender reported assets under management of $14.2 billion. This was comprised of $13 billion in home loans $1.2 billion in asset finance. Resimac reported origination volumes of $2.8 billion and application volumes of $5 billion.
“These economic pressures have affected the performance of our loan portfolios, as evidenced by rising arrears, financial hardship applications, and defaults, resulting in increased write-offs and collective provisioning,” Hansen said.
“The much-anticipated interest rate reductions expected in the 2025 calendar year will be a welcome relief to our customers. Despite a half-on-half decrease in normalised NPAT due to higher impairment expenses, the Group’s operating profit grew by over 20 per cent."
Related: Resimac remains focused on broker and customer growth strategy
