Home owners plough cash into mortgages during lockdown (AFR)

Voluntary payments into mortgages more than doubled in July, August and September from the previous 12 months, data from non-bank lender Firstmac shows, raising the question whether consumers will save, rather than spend, extra cash handed to them in last week's budget.

Firstmac's analysis of its direct retail mortgage book shows the level of additional payments made by borrowers jumped to an average 10.2 per cent of the portfolio in the past three months, compared with the monthly average payment of 4.8 per cent last year.

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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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