flagFounded: 1985

businessOwned by: ASX Listed

monetization_onFunded by: Wholesale capital markets

securityLMI Provider: Genworth, QBE LMI and Self-Insured

account_balanceLender type: Non-Bank, Specialist Lender

Resimac was once an aggressive wholesale funder that helped the non-banks to compete with the major banks. These days it’s far less competitive and has a few niche products which are available through one of its non-bank partners.

How do Resimac’s home loans compare?

They’re great at

But they’ve got some drawbacks…

  • Relatively strict lending policy
  • Interest rates and fees are not always competitive
  • Their LMI can be expensive
  • Their systems are out-dated which can means delays with your application
  • No branch access
  • Their low rate loans use tough credit scoring and you may get declined for no apparent reason
  • Slow to assess your application during busy periods

Is Resimac in or out?

Resimac seemed to have gone into hibernation after the GFC. They had home loans available but they seemed to be trying to decline everyone who applied with them and they rarely had competitive interest rates.

Now we’re seeing that Resimac is back in action. They’ve seen the success of their competitors like Pepper and they’re sharpening their interest rates to compete. They’ve also acquired RHG which is the old loan book of customers from Rams before the brand was sold to Westpac. They’ve also purchased State Custodians which is a major non-bank lender based on the Central Coast of NSW.

Ultimately their credit assessment is still really conservative and although they do have some good niches it’s rare that customers can jump through the hoops to actually get an approval.

Resimac client story: Samuel, NSW



Purchase a home, no genuine savings, borrowing 95% of the property value.


Since completing his university degree, Samuel had been in the workforce for 2 years and wanted to move out of his parents’ house. The problem was that he didn’t have a deposit.

Although his parents were in a position to offer him a gift to help him get into the property market, he didn’t have any savings of his own so his bank wouldn’t consider his application.


At that time Resimac was approving loans for 95% of the purchase price (LVR) without the need for a savings history.

In order to get approved, he needed to show that he had a stable career and was in a position to make mortgage repayments despite not having any savings of his own. In this case, that meant providing group certificates for the last two years.

Resimac approved the loan and Samuel was able to move into a unit of his own in the city.

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  • Erg

    What are the basic lending requirements to qualify for a 95% LVR home loan with no genuine savings?

  • Hello Erg,

    To qualify for this loan, you must meet the following guidelines:
    – You must be paying your rent on time (if you are renting).
    – Both applicants must have stable employment.
    – Your credit history must be free of any defaults or adverse listings and must not have too many credit enquiries.
    – You must have an excellent credit score.
    – You must not have too many consumer debts such as credit cards and personal loans.
    – You must be able to afford the debt comfortably. You are not allowed to borrow to your limit.

    If you do not meet the above criteria then you will only qualify for a 90% loan. You can go for a 100% guarantor loan though.