20 Jun 2017

Firstmac Breaks $8 Billion Barrier

Australia’s largest non-bank lender Firstmac has continued the rapid growth of its loan book, this month passing the key milestone of $8 billion in mortgages under management.

Firstmac founder Kim Cannon said the strong growth showed Firstmac was successfully providing competition that was desperately needed in the Australian lending market.

“Firstmac has grown over the past 38 years by bringing simple, affordable, and competitive products to consumers, providing them with a real choice outside the banks,” Mr Cannon said.
“This has been achieved while maintaining a premium quality loan book with a rate of arrears much lower than the Big 4.”

Mr Cannon said that Firstmac placed great value on its strong relationship with brokers which had underpinned its success in recent years.

“Brokers play a key role in our business and it is only getting stronger as shown by the record number of Firstmac loans written by brokers in May,” Mr Cannon said.
 
“I would like to thank the brokers who have helped us reach $8 billion. With their help, we are now looking to achieve $10 billion under management in the near future.”

Firstmac now has $9.3 billion in loan facilities of which $1.3 billion is held in undrawn, redrawable offset facilities.

Since December 2016, Firstmac has issued $2.7 billion in Residential Mortgage Backed Securities to a range of Australian and overseas institutional investors.

The new lending milestone makes Firstmac the 14th largest residential mortgage lender in Australia, ahead of household names including Citbank, Heritage Bank, and Newcastle Permanent, and reinforces its position as the largest non-bank lender.

Brisbane-based Firstmac Limited is an independently-owned, Australian financial services provider with 38 years’ experience in home and investment loans.

It has written in excess of 100,000 home loans and also manages $250 million in cash investments. 

Media contact: Duncan Macfarlane on 0434 184 264

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