Resimac steps up to offer discount home loans

Resimac, the wholesale mortgage funder, is set to launch a new retail lending business for home borrowers.

This article is brought to you by Mozo – Helping you compare home loans

The move comes as a series of new lenders look to take on the major banks, the Herald Sun reported.

Resimac’s new lending firm will trade as Hemisphere Financial Solutions and will sell a standard variable mortgage at 6.19 per cent through its website and some mortgage brokers.

Hemisphere offers a new option to borrowers who decide to compare home loans, particularly as its rate is 0.3 per cent cheaper than that of National Australia Bank and 0.57 per cent better than Westpac’s rate.

Rohan Gamble, head of the personal finance comparison website Mozo, said: "We’re seeing new players come in to the market with serious backing behind them."

Last month, research by the Australian Prudential Regulation Authority had suggested that home loan growth is set to fall as the government reduces its stimulus aid for first home buyers.