Lender reports "sharp fall" in hardship applications (Australian Broker)

Non-bank lender Firstmac has reported the number of new applications received for COVID-19 related hardship arrangements has fallen faster than the group expected. According to Firstmac managing director Kim Cannon, a “full analysis” of the trusts in its $12.8bn loan book have shown the impact of the crisis is not accelerating in the way investors feared at the outset of the pandemic.

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27 Apr 2020

Firstmac buys another 'category killer' (Banking Day)

Firstmac has acquired car loan broker Carloans.com.au and car-buying service Georgie from ASX-listed Eclipx.

Firstmac will pay A$2 million, with $400,000 up front, with $1.6 million in quarterly instalments beginning in December.

Managing director Kim Cannon said the acquisition would support Firstmac’s continued rapid growth and complement its existing brands while helping it expand its car loans business over time to match its successful home loan operation.

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