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Resimac buys NZ Home Loans on the cheap

Resimac will buy a majority stake in NZ Home Loans, a sale foreshadowed in June.The transaction will help recapitalise the NZX-listed NZF Group, which two months ago appointed receivers to a separate, and deposit-taking, subsidiary, NZF Money.The sale of a controlling stake in NZF's home loan arm is subject to shareholder approval, since the value of the transaction, which is not disclosed, is in excess of 50 per cent of the market capitalisation of the listed group. This was less than NZ$4 million yesterday.NZF resumed issuing home loans in June, making use of a warehouse facility from Westpac.

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