Homeloans and Resimac to be relaunched as Resimac Group

ASX listed non-bank lender Homeloans and Resimac, which merged in 2016, are to be renamed and relaunched as Resimac Group, subject to shareholder approval.

The companies have been operating under separate brands since the merger. They are expected to combine operations under the same name in early December.

A spokesman for Homeloans said mortgage brokers will continue to deal with the same administrative and lending teams.

An announcement is pending on the branding of its wholesale funding range, but the existing range of products are not expected to be changed.

Resimac's business model primarily consists of the sale of mortgages financed through funding in the wholesale market, whilst Homeloans focuses on originating loans that are funded through other lenders, which include banks and non-bank lenders such as Resimac.

Resimac is a player in the residential mortgage backed securities market, raising billions of funding through the issuance of bonds.