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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30 Mar 2020

RMBS freeze melts for Firstmac (Banking Day)

In the first mortgage-backed funding in a month, Firstmac on Friday completed a A$1 billion RMBS raising. The Australian Office of Financial Management invested $189.1 million across six tranches of the Firstmac Series 1-2020 bond.

Approximately 81 per cent of the transaction was placed with institutional investors across the transaction structure. Investors to the transaction participated from United Kingdom, Asia, together with domestic Australian domiciled institutions.

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