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Resimac plants 40,000 trees in carbon offset program

The non-bank lender has hit the new milestone as part of its carbon conscious program, where a tree is planted for every new settled loan.

Resimac has reached a new milestone of planting 40,000 trees as of the first week of July as part of its carbon conscious program.

Under the program, a mallee eucalypt tree is planted in the Western Australian Wheatbelt region for every new loan settled.

Resimac’s carbon conscious program is not factored into the pricing of its home loans and does not result in any additional expense for customers.

According to Resimac, the number of trees planted is calculated to offset nearly 5 million kilograms of CO2 emissions from the Earth’s atmosphere over their lifetime.

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Resimac conducted a broker survey earlier this year which found that 67 per cent of brokers agreed or strongly agreed that climate change was an issue, while 67 per cent agreed or strongly agreed that they preferred conducting business with companies that are environmentally responsible.

Commenting on the program which he pioneered within the mortgage industry more than 10 years ago, Scott McWilliam, CEO of Resimac Group, said: “While our day-to-day business is about helping Australians achieve their home ownership goals, our organisation has a broader responsibility to look after the planet – our collective home – so that future generations can enjoy the same quality of life we do.

“This is very much a partnership with the brokers and customers who choose to do business with us. Having recently expanded this program to include other brands within Resimac Group – most recently Resimac Asset Finance – we’re looking forward to accelerating our contributions as part of this important partnership.”

Carbon Conscious Investments executive director Anthony Fitzgerald said that he was thankful for Resimac’s long-term commitment to reducing greenhouse gas emissions.

He said: “This isn’t a problem that can be solved by one initiative, but we believe the concerted efforts of many can make a real difference.

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“Our Carbon Capture program is based on trees planted in the Western Australian Wheatbelt where, in addition to sequestering carbon, they contribute to a reduction in soil salinity and erosion, as well as an increase in biodiversity. Thanks to partners like Resimac, we’ve been able to plant over 22,000,000 trees on 18,000 hectares to date.”

[Related: Non-banks announce RMBS, funding deals]

Resimac plants 40,000 trees in carbon offset program
Resimac plants 40,000 trees in carbon offset program
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Malavika Santhebennur

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.

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