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

Australia's Firstmac raises A$1 billion in RMBS issue (Reuters)

Australia's Firstmac completed a A$1 billion ($610.8 million) residential mortgage-backed securities (RMBS) issue on Friday, becoming the country's first non-bank lender to tap investors since the coronavirus pandemic wreaked havoc in funding markets.

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