Annual results highlight a shift toward broker-led mortgage originations and higher-margin asset finance loans
ASX-listed non-bank lender Resimac is actively rebalancing its loan book, leaning harder into broker-originated mortgages as the run-off of its acquired Westpac auto portfolio accelerates.
The shift defined the group's 2026 financial year results, with stronger home loan growth offsetting a managed retreat from lower-margin auto lending.
Resimac settled $5.9 billion worth of home loans in the year, marking a 20% uplift from 2025, while its mortgage portfolio closed at $14.7 billion in assets under management (AUM) on 30 June, up nearly 10% on the previous year.
Net interest margins also edged up five basis points despite competitive home loan pricing, which management attributed to pricing improvements at the funding level.
Resimac chief executive Pete Lirantzis (pictured) attributed the mortgage growth to deepening broker relationships.
"More brokers chose to use us more often, reflecting the strength of our proposition and the confidence they have in our ability to support a broader range of customers," he said. "Their support has been a key driver of our growth, and we remain focused on making it easier for brokers to place more customers with Resimac."
On the other side of the ledger, asset finance settlements fell 11% to $800 million, while AUM in that division dropped 28% to $1.8 billion – largely a reflection of the Westpac auto finance and novated leasing portfolio Resimac acquired continuing to wind down.
The rebalancing act extends beyond volume. "Our focus is clear," Lirantzis said. "We are strengthening home loans by improving the experience for customers and brokers, helping brokers match customers with lending products that suit their needs across all our asset classes, and using technology to lift service levels.
"The actions taken over the past year have strengthened the quality, resilience and scalability of the group."
The Westpac run-off
Resimac's asset finance division eased back on settlement volumes as it repositioned the book toward higher-return, better-quality lending.
Resimac first agreed to buy the Westpac book in October 2024 in a deal valued between $1.4 billion and $1.6 billion, before completing the acquisition and migrating roughly 100,000 customers across in March 2025.
The purchase, which more than doubled Resimac's asset finance operations at the time, marked the non-bank lender's push beyond its traditional reliance on residential mortgages and gave it a foothold in consumer auto finance and novated leasing – markets Westpac had been quietly running down since selling its dealer finance arm to Angle Finance back in 2021.
While that expansion is now unwinding, Resimac's own-originated asset finance AUM told a stronger story, growing 7% to $1.5 billion and pointing to continued momentum in the core business the group actually wants to keep.
The trade-off paid off on margin and credit quality. The shift toward higher-return products and customer segments drove a 13-basis-point improvement in asset finance margins, while loan impairment expense in the segment fell to $17.4 million from $25.4 million a year earlier.
Balancing the portfolio
Despite an accelerating run-off of the Westpac auto portfolio, management contended that it is trending “in line with expectations”.
As the auto portfolio continues to wind down, Resimac intends to replace its earnings contribution “through continued home loan growth, funding optimisation, productivity initiatives and higher-return asset finance originations”.
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