Lenders returning to mortgage market
A couple of funders that suspended or reduced their lending levels over the course of the credit crunch are testing the market once again, providing a degree of additional competition in a segment where the big banks, but especially Commonwealth and Westpac, have been dominant.
Macquarie Bank resumed lending over recent weeks through Australian Finance Group, the largest aggregator group and representing many mortgage brokers. The bank is also lending through Vow, a newly established aggregator group. The bank is also promoting home loans once more to its own retail clients.
Resimac, an independent funder that was dependent on the machinery of securitisation, is also looking to push out more product by developing its own consumer brand, Hemisphere Financial Solutions. Hemisphere has quietly promoted its loans for some months. Resimac received several rounds of funding from the Australian Office of Financial Management last year and is one of five funders selected for additional funding in 2010.
Source: Banking Day