The deal, valued at up to $1.6 billion, is set to complete in 2025
Non-bank lender Resimac has announced an agreement to acquire a portfolio of auto loan receivables and leases from major bank Westpac, valued between $1.4 billion and $1.6 billion at completion.
The transaction supports Resimac’s strategic growth plans for its asset finance division, following a series of recent business and portfolio purchases.
The deal is expected to be finalised in the first half of 2025 but is not expected to significantly impact its financial results for fiscal year 2025.
“Resimac is committed to offering diverse product options to customers, and this transaction further strengthens our position as a competitive non-bank lender,” said Susan Hansen (pictured above), interim chief executive at Resimac.
“We continue to reinforce our position in providing Australians a comprehensive range of finance solutions. Purchasing this book represents a step in our asset finance growth plan to expand our footprint in the auto finance sector and enhance our already diverse product range.”
Resimac provides a range of mortgage and asset finance products, and operates across Australia, New Zealand, and the Philippines, serving more than 55,000 customers. Its home loan portfolio stands at nearly $13 billion, while its asset finance portfolio exceeds $1 billion, with total assets under management surpassing $14 billion. Earlier this year, the lender’s asset finance business attained $1 billion in assets under management.
Since 1987, Resimac has issued close to $50 billion in bonds in domestic and international markets. Its funding platform includes warehouse lines from both domestic and offshore banks for short-term funding, along with a global securitisation program for long-term funding.
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
