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.

View article here (subscription required)

Read more…

Recent articles

26 Apr 2020

Firstmac sets out to capitalise on pandemic fallout on economy (The Australian)

Non-bank lender Firstmac wants to use the economic downturn to pounce on growth opportunities, after acquiring car-loan broker Carloans.com.au and vehicle-buying service Georgie.

Firstmac managing director Kim Cannon said the company was taking a positive approach to business to ensure it emerged out the other side with an even stronger business.

“We are using this time to redeploy our staff on to new projects, invest in the future, and rebuild our company to face the challenges of the post COVID-19 economy,” Mr Cannon said.

View article here (subscription required)