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The non-bank lender has welcomed around 100,000 customers from Westpac following the purchase of its auto finance loan book, with broker clients to be notified in coming days.
Non-bank lender Resimac Group Ltd (Resimac) has migrated around 100,000 customers from Westpac following the completion of its purchase of the major bank’s $1.5 billion car loan receivables and leases portfolio.
The acquisition increases Resimac Asset Finance’s customer base from around 13,000 to just over 113,000. Resimac’s asset finance portfolio is now over $2.7 billion and its total assets under management are now $15.7 billion.
What it means for brokers
Resimac told The Adviser that following the migration, former Westpac customers who have been transitioned over to Resimac will receive a letter in the coming few days confirming Resimac as their new lender.
At this stage, there are no changes to customers’ products, rates, or terms, Resimac said.
“Our main priority is ensuring a smooth and seamless transition for these customers”, a Resimac spokesperson said.
For brokers, there is no immediate action required regarding migrated clients.
If a broker has clients who have recently migrated and have questions, they are being urged to visit the Resimac website for more information and contact details, the lender told The Adviser.
However, some brokers have told The Adviser that clients have been impacted by repayments being 'double dipped' (with a payment taken from Westpac and another from Resimac) and long wait times on support lines. Resimac has said it os committed to supporting new customers and was undertaking a “hyper care” phase to address any issues and provide ongoing support.
More asset finance products to come
With the migration now complete, Resimac teased a wider future product offering, saying: “We’re excited about the opportunity this creates to soon expand our suite of products offered to brokers and their customers.
“While we’re already well-known for home loans, commercial asset and equipment finance, and secured business loans, we’re looking forward to introducing new products such as consumer car loans and novated leasing.”
It said that it could also enhance its current offerings and improve the customer experience while “further cementing its role as a leader in the asset finance sector”.
Commenting on the migration, Susan Hansen, the interim CEO of Resimac, said: “We are excited to have reached this critical milestone in our journey to increase assets under management (AUM) and build out our consumer auto finance and novated leasing offerings.
“This migration represents more than just the transfer of customers – it is a pivotal moment that allows us to strengthen our position in the market and broaden our product suite, paving the way for more choice, flexibility and innovation in auto finance solutions.
“As a leading non-bank, Resimac is committed to offering more finance options to a diverse range of Australians.
“Our expanded asset finance business allows us to cater to the evolving needs of customers, delivering solutions that support financial inclusion and help Australians manage their financial goals.”
The move by Resimac to buy Westpac’s auto loan portfolio follows on from a string of business and portfolio acquisitions in recent years.
Resimac officially launched its asset finance division – Resimac Asset Finance – in 2021 after it acquired Sydney-based lender International Acceptance Group.
Since then, it has bought the majority of the asset finance portfolio from Thorn subsidiaries Thorn Australia Pty Ltd (TAPL) and Thornmoney Pty Ltd (Thornmoney) for Resimac Asset Finance (RAF) in 2023. That was for a $150 million portfolio of commercial asset finance loan receivables.
Hansen is likely to soon leave her interim CEO role, with Pete Lirantzis set to take the reins as the new CEO. Lirantzis was slated to begin in his new role following the completion of the migration of the Westpac auto back book.
[Related: Resimac reports 25% rise in home loan applications]
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