The non-bank lender has grown settlements and AUM as specialist and asset finance lending gain ground.
Non-bank lender Resimac Group has reported rising broker-driven originations and a growing loan book in the first half of financial year 2026, as specialist home loans and asset finance continue to reshape its portfolio mix.
Resimac’s total origination volumes rose 11 per cent in 1H26 to $3.1 billion, showing stronger conversion from applications into funded loans.
Application volumes were $4.9 billion, broadly in line with the prior corresponding period, which the company said reflected controlled growth in asset finance rather than a push for headline volume.
Group assets under management (AUM) increased 11 per cent over 12 months to $15.7 billion, signalling that the book was expanding after previous periods of contraction.
Home loan settlements lift, specialist grows
The company said home loan lending continued to build momentum despite ongoing competition on price.
Resimac settled $2.7 billion of home loans in the half, up from $2.5 billion in 2H25.
Of these settlements, $1.5 billion were non-conforming mortgages, and $1.2 billion were prime, underscoring the growing role of specialist and near-prime borrowers.
Home loan applications held steady at $4.3 billion, in line with 1H25, suggesting demand had stabilised.
Closing home loan AUM stood at $13.6 billion, with $6.1 billion in non-conforming loans and $7.5 billion in prime.
The portfolio retains a conservative tilt overall, with Resimac reporting that 55 per cent of its home loan book was owner-occupied, 54 per cent prime, and 65 per cent on principal-and-interest terms.
The weighted average dynamic loan-to-value ratio was 61.9 per cent at the end of December, and within those, prime loans had a dynamic LVR of 58.9 per cent, while non-conforming loans averaged 65.6 per cent.
CEO Pete Lirantzis said the home loan book was now building again in a more disciplined way, noting that there had been “continued growth in settlements despite a competitive landscape.”
Asset finance growth and changing mix
Asset finance remains a key growth pillar for Resimac, with settlements coming in at $0.4 billion, compared with $0.46 billion in 2H25, while applications totalled $0.6 billion.
The lender characterised origination activity as being focused on higher risk-adjusted return products, with run-off from the acquired Westpac Auto portfolio weighing on total AUM.
At 31 December 2025, asset finance AUM was $1.5 billion on a Resimac-originated basis and $2.1 billion including the Westpac Auto portfolio, down from $2.5 billion at 30 June.
Over the half, settlements were made up of 45 per cent auto finance, 18 per cent equipment finance, and 37 per cent secured business loans.
Resimac reported loan losses equivalent to 0.55 per cent of closing AUM, with 90-plus-day arrears in asset finance sitting at 0.28 per cent.
The group said continued expansion in its asset finance category “continued to drive AUM growth with a focus on higher risk-adjusted return products”, despite the Westpac Auto book decreasing.
Brokers and strategy at the centre
Resimac used the half-year update to reaffirm its strategic focus on distribution partnerships, technology, and higher-value lending segments.
Lirantzis placed particular emphasis on the role of brokers in delivering the half’s numbers.
“The broker channel has played a pivotal role in delivering this strong first‑half performance,” he said.
“They’ve continued to bring high‑quality customers, challenged us to keep improving, and collaborated closely as we enhance our technology and service model. Simply put, brokers have been central to the momentum we’ve seen.”
He added that investment in process and technology was designed to foster repeat business as well as growth.
“By investing in a smoother, more consistent broker and customer experience, we’re earning trust, and that’s translating into repeat business,” he said.
“Brokers are choosing to return because they value our specialist support, flexible credit options and timely updates, and that loyalty is playing a significant role in our growth.”
Looking ahead, he said the early impact of the refreshed strategy was encouraging for both the mortgage and asset finance businesses.
Margins expand on portfolio tilt
The shift in portfolio mix towards higher-margin segments delivered a clear uplift in net interest margins.
Group net interest margin expanded by 15 basis points in 1H26 to 163 bps, driven by the increasing weight of asset finance in the overall book following the Westpac Auto acquisition.
Home loan NIM was 133 bps, five bps wider than in 1H25.
Resimac linked this to normalising pricing after a campaign in 1H25 in which it said it sharpened mortgage rates to stimulate applications.
Asset finance NIM was 309 bps, down 15 bps on 1H25 due to the “dilutive” effect of the Westpac Auto portfolio, but 22 bps higher than in 2H25.
Resimac reported operating profit before impairment and tax of $51.7 million for the half, up 44 per cent on 1H25, and statutory net profit after tax of $28.5 million, up 111 per cent.
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