Managing Director Kim Cannon said the achievement cemented Firstmac’s place as Australia’s most dynamic non-bank lender and a serious player in the home loan market.
“Getting to $10 billion is a great reward for the many people who have worked hard to build this company and gives confidence to potential customers, while also enhancing our status in international funding markets,” Mr Cannon said.
“I am especially proud that this growth has been achieved entirely through writing prime-quality loans, allowing us to maintain a low default rate that is the envy of the banks.”
2017/18 was a record year for the Firstmac Group, with more than $3.65 billion in total loan settlements.
Firstmac’s loan book grew by 21.8% in 2017/18 and 35% over the last two years. By comparison, the latest APRA data shows that the market growth of home loans over the past 12 months was just 4.39%.
None of Australia’s ADIs grew as fast as Firstmac, while other Queensland-based lenders stagnated. Suncorp-Metway grew by just 1.70%, while the Bank of Queensland’s loan book shrank by 0.54% (list of all ADI growth rates attached).
Both of Firstmac’s brands – Firstmac and online lender loans.com.au - contributed their share to the group’s growth by delivering their own record results.
Mr Cannon attributed the success of Firstmac to the high quality of its operations across the board including Marketing, Sales, Operations and Treasury.
“Beating every ADI in the country while maintaining excellent loan quality requires all elements of the business to achieve extraordinary things in sync,” Mr Cannon said.
“Firstmac achieved this milestone whilst maintaining a focus on high-quality borrowers, and the results are there to see.”
Media contact: Duncan Macfarlane on 0434 184 264
Firstmac Limited is an independently-owned, Australian financial services provider with 39 years’ experience in home and investment loans. Firstmac has written in excess of 100,000 home loans and manages approximately $10 billion in mortgages and $250 million in cash investments. Firstmac is a premier sponsor of the Brisbane Broncos.
Australian ADI Growth Rates 2017/18
|AMP Bank Limited||9.11%|
|Bank of Queensland Limited||-0.54%|
|Bendigo and Adelaide Bank Limited||3.19%|
|Citigroup Pty Limited||0.51%|
|Commonwealth Bank of Australia||2.57%|
|Community CPS Australia Limited||-5.94%|
|Greater Bank Limited||9.27%|
|Heritage Bank Limited||0.72%|
|HSBC Bank Australia Limited||17.60%|
|ING Bank (Australia) Limited||6.68%|
|Macquarie Bank Limited||13.02%|
|Members Equity Bank Limited||11.18%|
|MyState Bank Limited||-0.10%|
|National Australia Bank Limited||3.87%|
|Police & Nurses Limited||-3.01%|
|Qudos Mutual Ltd||5.26%|
|Teachers Mutual Bank Limited||8.68%|
|Westpac Banking Corporation||5.03%|
Source: Firstmac analysis of APRA data.