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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30 Mar 2020

AOFM support comes for residential mortgage-backed securities liquidity squeeze (The Australian)

The Australian government has waded into the residential mortgage-backed securitisation market for the first time since the global financial crisis, giving $200m worth to support non-bank lender Firstmac sell the first package of home loans to investors after credit markets were frozen by the coronavirus crisis.

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