Resimac records significant growth in FY21 results

Country head discusses what drove the impressive figures

Resimac records significant growth in FY21 results

Non-bank lender Resimac has announced its Australia and New Zealand results for the year ended June 30, 2021, and reported a net profit after tax of AU$104 million - up by 87% on the prior year.

New Zealand settlements were up by 81% on the prior year to NZ$434 million, and home loan assets under management increased by 35% to NZ$770 million.

Resimac head of New Zealand Luke Jackson said he was proud to see such a high level of growth throughout a turbulent year, and said that Resimac’s status as a smaller, ‘nimbler’ non-bank meant it was able to navigate the challenges of the past 18 months particularly well.

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“We’re very happy with the numbers,” Jackson said. “It’s been a busy year and we’ve had some great results, particularly over here in New Zealand.”

“Going through a year like we did, the ability of non-banks to be a bit more nimble and agile - all those words which were thrown around last year - we could actually display that quite evidently,” he explained.

“We’re smaller than a big bank, so when the first lockdown happened last year, we were able to stay operational and set our staff up pretty much overnight. We dealt with those hardships of setting people up at home incredibly quickly, and that meant that we could get back to settling new business.

“While a lot of the other banks were closed for business, we were up and going.”

Jackson said that its increased contact with the adviser market has also been key to its growth, and noted that its adviser channel had expanded significantly over the past 12 months as customers started looking for more alternative lending options.

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“We also saw a big increase in the number of advisers who were looking at non-banks where they probably hadn’t before,” Jackson said.

“We’ve had a lot of advisers who have historically only dealt with the main banks, but the last year provided an environment for them where they needed to go and learn a bit more about the non-banks and actually interact with them.

“So, we saw a huge increase in the number of brokers dealing with us and with our industry, and that’s really great.”

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