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After charting 12 months of strong performance despite challenging market conditions, a non-bank lender is taking the chance to celebrate its 35 years in the industry.
Resimac CEO Scott McWilliam said, "This is a milestone we’re proud to celebrate. In 35 years, our company has experienced an extraordinary amount of progress and change."
The lender recently reported a 79% annual gain in net profit, reaching a record-high of $55.7m. The group was also named Best Non-Bank of the Year at the 2020 Australian Mortgage Awards.
Resimac Group was established in 2016 after the merger of RESIMAC and Homeloans, both of which started operating in 1985 when interest rates averaged 13.5% and median house prices ranged from $50,000 to $75,000.
"We live in a very different world to when Resimac first started, but our DNA as a pioneer has remained a constant, seeing us blaze a trail for non-bank lending in Australia," McWilliam said.
The merger, which combined RESIMAC's securitisation program with Homeloans’ expertise in loan distribution, created one of the largest non-bank lenders in Australia. The two companies relaunched as Resimac in 2018.
Resimac Group employs over 250 people across Australia, New Zealand, and the Philippines. It services more than 50,000 clients and has so far issued more than $30bn in global fixed income markets. Its assets under management currently stand at $15bn.
"We have worked closely with mortgage brokers for several decades to democratise and reshape the lending industry, and we expect to continue doing so for many decades to come," McWilliam finished.
