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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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.

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