Firstmac Breaks $9 Billion Barrier

Australia’s largest non-bank lender Firstmac has added more than one billion dollars to its loan book in just four months, taking it past $9 billion in mortgages under management.

The milestone follows three consecutive months of record broker settlements and high numbers of new broker accreditations.

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25 Oct 2016

Firstmac Offers Fastest Ever Settlement Guarantee

Non-bank lender Firstmac has introduced Australia’s first ever two week settlement guarantee, giving accredited brokers a decisive advantage in winning new business.

The guarantee, where broker customers can go from application to settlement with Firstmac in just two weeks, is a response to consistent feedback from brokers that they want a faster turnaround from lenders with a set time frame to manage customer expectations.

National Sales Manager Jake Sanders said the guarantee was ambitious but he was confident Firstmac could meet the deadlines by working in partnership with brokers.

“We have a relentless focus on helping brokers to build their businesses and I think this guarantee is an important step in that direction,” Mr Sanders said.

“Using the guarantee, you can eliminate the risk that a client could incur thousands in penalty interest due to late settlement and also provide them with certainly around a very emotional purchase.”

Mr Sanders said that Firstmac had sped up the process by eliminating unnecessary steps and making internal processes more efficient.

“As well as the obvious improvement in speed and peace of mind for clients there are other advantages from the new system including the requirement for individual assessors to take ownership of files,” Mr Sanders said.

“Lack of file ownership among lending staff is a consistent irritation for brokers that we have knocked on the head with this initiative.”

The guarantee is the latest breakthrough from Firstmac which has been streamlining its touch points with brokers to give them the industry’s most efficient service from accreditation through to application and settlement.

Firstmac recently launched an online accreditation system which allows brokers to request accreditation, do the necessary training and gain full access to Firstmac’s broker site with just 10 minutes of online work.

“Using our new systems a broker who has never dealt with Firstmac before could go from seeking accreditation to settling their first loan for a client in just two weeks,” Mr Sanders said.

The new system follows Firstmac’s full refresh of its Corporate and Broker websites which has made them easier to use and navigate. The new accreditation system can be found at www.firstmac.com.au/accreditation.

Media contact: Duncan Macfarlane on 0434 184 264

Firstmac Limited is an independently-owned, Australian financial services provider with 38 years’ experience in home and investment loans. Firstmac has written in excess of 100,000 home loans and manages approximately $8 billion in mortgages and $250 million in cash investments. Firstmac is a premier sponsor of the Brisbane Broncos.