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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27 Mar 2020

First week of QE notches up $21bn for cheaper borrowing (Australian Financial Review)

The Reserve Bank has spent $21 billion in the country's first week of quantitative easing in an effort to reduce borrowing costs for companies and the government, and to restore order to a huge selloff in bond markets.

Queensland-based Firstmac was the first beneficiary of the government’s $15 billion Structured Finance Support Fund to provide support to non-bank lenders.

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