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Non-bank lender Resimac has confirmed plans to expand its asset finance offering through brokers to include consumer loans, following updates to its existing commercial asset finance offering.
Last week, Resimac announced updates to its commercial asset finance suite, including a new and improved product and credit policy, more efficient online options and service enhancements.
At the time, the non-bank flagged that the broker channel could also look forward to additional “great news soon, including new products like consumer asset finance and novated leasing”.
Resimac general manager asset finance Michael Moloney (pictured above) said brokers should be “really clear of our intention to become a big player in the asset finance market”.
“We believe we now have one of the most competitive offerings in the sector and are poised to be a major player for years to come,” he told Australian Broker following the commercial asset finance updates.
“This effectively means, by mid-next year, Resimac will have a full kit bag of asset finance products across both commercial and consumer.”
Resimac has indicated its commercial asset finance product and credit policy changes aim to simplify the way it assesses these deals, and have been based on recent feedback from brokers.
“The feedback we received from the brokers was they want a simplified policy so it’s easier for brokers to understand and ultimately easier to sell to their clients,” Moloney said.
The lender has rolled out four defined customer tiers, which will be linked directly to how long the customer has been established in business, as well as if the director is property-backed or not.
Resimac will also place more focus on the customer and less on the asset type when assessing applications, while sharper pricing will be available for those customers with strong applications.
“In our previous product and credit guide, brokers gave us valuable feedback that there wasn’t sufficient pricing reward for a well-established business with a good track record,” Moloney said.
“We have introduced a new PremiumPlus offering which ensures businesses with an ABN greater than six years (with a property backed director) are rewarded with a 50-basis-point discount.”
Resimac is iterating on the digital experience available to the broker channel, with recent updates designed to boost broker portal visibility and introduce self-service capabilities in the portal.
“An example of this is the recent introduction of broker generated documents, where brokers can now self-serve with generating and managing contract documents on the portal,” Moloney said.
Though only recently introduced, Moloney said the changes were already helping to speed up settlement times and keep the broker in control and managing client relationships.
“This also minimises errors, cuts down on back-and-forth, and empowers brokers to enable faster deal closure,” he added.
The head count on Resimac’s broker support team had also expanded to four as of October 2024, up from the two people it hired when it established the function in July of this year.
“We will continue to expand that team to ensure brokers get superior service,” Moloney said.
Moloney said Resimac would “remain dedicated to adapting to the needs of our brokers and customers” during its move to offer consumer asset finance to brokers in 2025.
He said the move to broaden its offering would complement its existing mortgage business.
“It’s certainly our view that when a customer buys a house, they often also buy a car. Resimac will shortly be able to offer these customers a full solution.”
