Resimac

About Resimac

Resimac is a leading nonbank financial institution that 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 is an Australian-owned company that 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.

SIZE OF LOAN BOOK A$13BN EQUIVALENT
MAKEUP OF LOAN BOOK PRIME RESIDENTIAL MORTGAGES: 75%
NONCONFORMING RESIDENTIAL MORTGAGES: 25%
GEOGRAPHIC DISTRIBUTION OF LOAN BOOK AUSTRALIA: 95%
NEW ZEALAND: 5%

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$30 billion equivalent in domestic and offshore deals including in Europe, the US and New Zealand.

Ownership and capital structure

Resimac is an Australian Securities Exchange-listed nonbank lender with a nationwide presence. Since its origin 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.

Funding strategy

The Resimac funding programme encompasses short- and long-term funding tenors across four distinct shelves: the Premier, Bastille and Avoca programmes, and prime and nonconforming programmes in New Zealand. The various funding sources provide diversification and a global investor base, enabling 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 domestic and offshore 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 volume and achieve diversification of funding. Since then, it has issued US$8 billion in 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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Andrew Marsden
General Manager, Treasury and Securitisation
+61 2 9248 6507
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Debbie Long
Director, Treasury and Securitisation
+61 2 9248 0383
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Anny Chen, Director
Treasury and Securitisation
+61 2 9248 0373
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www.resimac.com.au