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.

Since the GFC they have evolved as a business through mergers and investments in other lenders. Resimac merged with Homeloans Ltd in 2016. It was one of their largest mortgage managers.

In 2018, Homeloans and RESIMAC brands were consolidated and relaunched as Resimac.

Resimac has 35 years of experience in delivering a diverse range of home finance solutions and has given service to over 50,000 customers.

Resimac is known for no-frills home loans, unique lending policies and occasionally exceptional pricing for specific types of customers. It has a network of over 12,000 mortgage broker partners.

Customers with a Resimac loan are entitled to an exclusive benefits program that offer discounts on a vast array of products and services in Australia and New Zealand.

How do Resimac’s home loans compare?

They’re great at

But they’ve got some drawbacks…

  • 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
  • Slow to assess your application during busy periods
  • No fully assessed pre-approvals
  • No fixed rate option
  • No flexibility with property types
  • They don’t offer construction loans
  • They require strong exit strategy

Coronavirus / COVID-19: Resimac policy changes

Resimac has not made significant home loan lending policy changes as of yet, however, they’re asking more questions about the loan purpose and your financial situation in light of COVID-19.

Questions that needs to be answered for PAYG borrowers:

  • Has your business or place of employment been impacted by COVID-19? If yes, to what extent?
  • Has your role within your business or place of employment been impacted by COVID-19? If yes, to what extent?
  • If your business or place of employment has not yet been impacted by COVID-19, is this likely to occur over the coming months? If yes, to what extent?
  • Have there been, or are there likely to be any other impacts of COVID-19 on you or your family? If yes, to what extent?

There are additional questions for self-employed borrowers looking for both full doc and low doc loans:

  • The nature of the business, including basic business structure.
  • How the business generates revenue.
  • The impacts, if any, of COVID-19.
  • If the business has, or plans to, seek government assistance as a result of COVID-19 and the nature of that assistance.
  • If the business has, or plans to, seek additional borrowings from their business bank or other business lender as a result of COVID-19 and the details of that finance.
  • Any other information relevant to the borrower, the industry they operate in, or the loan they are applying for.

Interestingly, Resimac will decline your loan application if your employer is receiving the JobKeeper payment. Some of our other lenders will consider it.

Coronavirus / COVID-19: Resimac mortgage relief

Resimac’s home loan customers affected by COVID-19 and facing financial pressure may have the option to:

  • Defer their home loan repayments; or
  • Reduce their monthly repayments; or
  • Capitalise their arrears; or enter a
  • Long term repayment arrangements.

These options are subject to an assessment. Please carefully go through their COVID-19 support page to apply.

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 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 and Homeloans Ltd.

Ultimately their credit assessment is still really conservative and although they do have some good policy niches it can be tough for customers to 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.

Compare Resimac to other lenders

Not sure which lender is right for you? Our Home Loan Experts can help!

Talk to one of our mortgage brokers by calling us on 1300 889 743 or complete our free assessment form.