06 May 2020

Firstmac strengthens car loans business through Carloans.com.au and Georgie acquisition

As of today, non-bank lender Firstmac Limited officially owns both car loan broker Carloans.com.au and car-buying service Georgie.

Firstmac will pay ASX-listed Eclipx Group $2.0 million for Carloans.com.au and Georgie, and additional related businesses including PerformanceDrive.com.au to support Firstmac’s continued rapid growth in the automotive space.

Managing Director Kim Cannon said he was excited about the expansion and what it meant to the Firstmac Group of companies and its partners.

“We welcome a new team of staff and systems to be integrated across Firstmac, loans.com.au and Savings.com.au,” Mr Cannon said.

“This acquisition acts as a positive pathway forward following COVID-19 and we look to grow Carloans.com.au and Georgie to complement our current businesses and expand on our current car loans offerings.

“We are proud of our expertise and IP particularly in digital, as well as our deep relationships with our partners and brokers, and this move only strengthens our market position as a group.”

Mr Cannon said that now the transaction was complete, he and the Firstmac Group were looking forward to integrating Carloans.com.au and Georgie into the Group.

“The first phase is to move quickly so our partners and customers can benefit as soon as possible,” Mr Cannon said.

Media contact: Duncan Macfarlane on 0434 184 264

Firstmac Limited is an independently-owned, Australian financial services provider with more than four decades of experience in home and investment property loans. Firstmac has written in excess of 100,000 home loans and manages approximately $12 billion in mortgages and $300 million in cash investments. Firstmac is a premier sponsor of the Brisbane Broncos.

Victoria bucks national trend of falling COVID-19 hardship

Non-bank lender Firstmac has released a new analysis of its $12 billion loan book which shows that the number of homeowners on COVID-19 hardship arrangements is rising in Victoria, against a backdrop of falling hardship in other states.   

Managing Director Kim Cannon said that the Victorian lockdown was predictably causing increased financial hardship among Victorians, and especially business owners and the self-employed

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