Banks urged to 'flex' as Victoria battens down the hatches (AFR)

Data on loan deferrals released by the prudential regulator and by Firstmac provided new insight into the $274 billion worth of frozen loans as of the end of June, which was 3 per cent higher than a month earlier. 

Before the tougher Victorian lockdown was introduced, Firstmac had seen a steady improvement in the number of customers with deferred loans. The number with fully or partially suspended repayments had fallen to 5.1 per cent at the end of July from 5.65 per cent on May. 

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10 Jul 2020

Firstmac finds its deepest-ever investor base in new deal (Kanga News)


Firstmac’s latest residential mortgage-backed securities (RMBS) deal demonstrates the continued rebound of nonbank securitisation since the COVID-19 crisis, the issuer says, with deep investor engagement leading to strong demand. 

Firstmac’s immediate liquidity needs are now met, allowing it to focus on retaking prime mortgage market share from the major banks.

The transaction is the issuer’s first since a A$1 billion deal on 27 March which came at the depths of the COVID-19 crisis and was the first to be supported by the Australian Office of Financial Management (AOFM)’s Structured Finance Support Fund.

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