Resimac is a leading nonbank financial institution which commenced operations in 1985. It was established by the New South Wales (NSW) state government to service and securitise residential loans for HomeFund, a NSW government housing programme under the name of First Australian National Mortgage Acceptance Corporation.

Resimac, an Australian-owned company, has grown immensely and now offers a suite of prime and specialist-lending products tailored to the residential market in Australia and New Zealand. Resimac’s assets are originated from a distribution network of online and direct business-to-consumer proprietary channels, aggregators, mortgage managers and retail sources, and through select portfolio acquisitions.

Resimac’s asset-origination and servicing capabilities are best reflected by the performance of its portfolio, which has default and loss levels well below its peers. Resimac’s asset-servicing credentials are recognised by a “strong” servicer ranking from S&P Global Ratings.

Resimac’s capital-market activities are core to its enterprise strategy and it remains one of the most prolific Australian nonbank issuers. Resimac was the first Australian RMBS issuer, in 1988, and since this time has issued more than A$26 billion equivalent in 44 domestic and offshore issues including in Europe, the US and New Zealand.

Resimac is a 100 per cent owned subsidiary of Homeloans as of October 2016, following the merger of the two entities. Homeloans is an Australian Securities Exchange-listed nonbank lender with a nationwide presence. Since its origins in 1985, Homeloans has grown to become a leading alternative provider of residential-mortgage finance. Resimac/Homeloans prides itself on its standard of corporate-governance practices. It has a highly experienced board with longstanding industry and financial-services experience.

The Resimac funding programme encompasses short- and long-term funding tenors across six distinct programmes. These are Australia’s Premier, Bastille and Avoca programmes, prime and nonconforming programmes in New Zealand, and another in the UK. The various funding sources provide funding diversification and a global investor base, and enable Resimac to fund its mortgage portfolio efficiently.

Warehouse facilities support production and acquisition opportunities while capital-market issuance allows Resimac to secure medium-to-long term funding. Resimac maintains strong relationships with a range of Australian and overseas institutional investors and each asset is underwritten with the end investor in mind.

As part of its diversification strategy, Resimac launched a US 144A programme in 2012 under its Premier shelf, which has allowed it to increase size and achieve diversification of funding. Since then, it has issued US$3.4 billion in nine 144A-compliant US dollar transactions and in doing so has developed a broad array of US investors. Resimac also completed its inaugural Bastille nonconforming 144A-compliant US dollar transaction in August 2018.