Firstmac Breaks $9 Billion Barrier
The milestone follows three consecutive months of record broker settlements and high numbers of new broker accreditations.
Firstmac founder Kim Cannon said the strong growth highlighted the increasing impact that Firstmac was having on Australian home lending.
“In a highly concentrated market, Firstmac is one of the few players that is going against the flow and beating the banks at their own game,” Mr Cannon said.
“We are offering brokers and their clients a genuine alternative to the banks with innovative products that are attracting the highest-quality borrowers.”
Mr Cannon said that brokers had played a key role in Firstmac’s success and would continue to underpin the company’s growth in coming years.
“Brokers play an important role in our business and that role is only becoming stronger with a steady increase in broker usage over the past year,” Mr Cannon said.
“I would like to thank the brokers who have helped us reach $9 billion. With their help, we are well on the way to reaching our next target of $10 billion under management.”
Firstmac now has $10.5 billion in loan facilities of which $1.5 billion is held in undrawn, redrawable offset facilities.
Since March 2017, Firstmac has issued $2.7 billion in Residential Mortgage Backed Securities to a range of Australian and overseas institutional investors.
Firstmac priced a $1.0 billion Residential Mortgage Backed Securities (RMBS) issue in September and $1.7 billion RMBS issue in March. The deals were significantly oversubscribed and supported by a variety of domestic and foreign institutions.
Firstmac is the 14th largest residential mortgage lender in Australia, ahead of household names including Citbank, Heritage Bank, and Newcastle Permanent and is also 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