Firstmac completes $1.3bn RMBS raising (Australian Broker)

Non-bank lender Firstmac Limited has announced its completion of a $1.3 billion RMBS raising, with over $2 billion in orders.

In a statement, Firstmac said that the issue was oversubscribed “from an early stage” and was supported by 31 institutions.

The roadshow for the RMBS issue was the first to be done entirely online, as COVID-19 travel restrictions made the usual face-to-face meetings throughout Europe, Asia, and the US impossible.

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12 Mar 2020

Lenders continue to pass on full rate cuts (The Adviser)

Firstmac has announced that it will cut rates for all new variable home loans on principal and interest payment terms by 25 basis points, and all interest-only variable loans by 10 basis points.
 
Further, all current Firstmac customers with a variable-rate home loan will have their rate cut by 25 basis points.
 
Earlier this month, the Reserve Bank of Australia cut the official cash rate by 25 basis points to a record-low of 0.5 per cent.

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