Non-banks are stepping up efforts to get more access to cheaper funding by taking their push to Treasury, with the aim of better competing against the big banks on mortgage pricing.
During the COVID-19 turmoil the banks have had access to the Reserve Bank’s $200bn term funding facility, which smaller lenders say is tipping the scales too much in favour of the larger incumbents.
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Non-bank lender Firstmac has reached another record achievement this month with its total loan book passing $8bn in mortgages under management.
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