Homeloans and Resimac in $13 billion mortgage tie-up

ASX listed non-bank lender Homeloans and Resimac have agreed to a merger that will create a combined $13 billion portfolio in Australia's mortgage market.

In a statement to the Australian Securities Exchange, Perth-based Homeloans said the tie-up would help the company gain access to Resimac's securitisation program to finance new lending while the entity would expand distribution channels to originate new loans.