Chief Financial Officer James Austin said the result highlighted investors’ trust in the company’s prime mortgage portfolio and achieved pricing near historic lows.

“This is the largest RMBS issue ever by an Australian non-bank lender and it demonstrates the confidence that institutional investors have in our prime residential home loans,” Mr Austin said.

“Pricing was very good, being at the tighter end of historical ranges.”

The transaction was 2.4x subscribed on the initial launch volume and priced at +95 basis points over one-month BBSW.

It is the largest RMBS issue ever completed by an Australian non-bank lender, comfortably exceeding the previous $2 billion record set by Firstmac in April 2021.

Institutions from Australia, Japan and other regions participated, with the pool comprising prime owner-occupied and investment home loans.
Firstmac included a substantial Yen-denominated tranche, demonstrating the continued importance of Japanese investors in its funding program.
“We’ve developed strong relationships with leading Japanese institutional investors over the past decade, so issuing in Yen was a natural next step,” Mr Austin said.

“Our benchmark prime RMBS continue to attract strong demand thanks to their exceptional credit performance - with arrears consistently lower than the major banks - and their appeal as conservative investments.”

This was Firstmac’s fourth RMBS transaction of 2025, bringing total funds raised for the year to $6 billion.

The transaction priced at a margin of just 0.95% over the Bank Bill Swap Rate (BBSW), the lowest margin in four years well inside levels achieved by recent comparable Firstmac prime RMBS.

“This issue further strengthens our funding base and ensures we can continue to offering highly-competitive prime home loans to support real competition in the broker channel,” Mr Austin said.

Lead managers were ANZ, CBA, DBS, JPMorgan, Natixis, NAB, SMBC and UOB, with Westpac as arranger.

The completion of this record transaction brings Firstmac’s total RMBS issuance since 2003 to $58 billion, cementing its position as Australia’s most active and longest-standing non-bank issuer.