04 May 2016

Firstmac to pass on May rate cut in full

The market-leading Australian lender will pass on the 0.25 percent cut to customers, effective 23 May.
Firstmac Managing Director Mr Kim Cannon said brokers could help their customers save money every month in interest.
 
“Not all lenders have passed on the RBA rate cut in full, which leaves some customers with some big questions,” he said.
 
“There is plenty of competition in the home loan market, and bank customers can see they could be saving money on interest if they chose another lender.”
 “Bank customers who switch to a Firstmac home loan will save themselves tens of thousands of dollars, and years off their home loan.”
 
 

Firstmac Limited is Australia’s largest non-bank lender, with more than 35 years’ experience in home and investment loans. Firstmac has written in excess of 84,000 home loans in the past decade and manages approximately $7.5 billion in mortgages and $230 million in cash investments. Firstmac is a premier sponsor of the Brisbane Broncos.
 

Media contact: Duncan Macfarlane | duncan.macfarlane@firstmac.com.au  | 0434 184 264

Firstmac RMBS issue receives more than $2 billion in orders, deal oversubscribed

Non-bank lender Firstmac Limited has completed a $1.3 billion RMBS raising with a record $2 billion in orders, after both the securities themselves and the roadshow were specially tailored to the COVID-19 environment.

Chief Financial Officer James Austin said the issue was oversubscribed from an early stage and supported by a record 31 institutions which was more than double the 10-12 that had typically invested in the past.

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