Powered by MOMENTUM MEDIA
subscribe to our newsletter
Brokers help Firstmac hit $8bn milestone

Brokers help Firstmac hit $8bn milestone

The Brisbane based non-bank lender has grown its loan book to more than $8 billion in mortgages under management.

Firstmac announced the milestone today with founder Kim Cannon attributing the growth to competitive products and a “strong” relationship with brokers.

The lender places “great value” on its relationship with brokers, Mr Cannon said, adding that this relationship “underpinned” the lender’s success.

Advertisement
Advertisement

“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 also predicted that Firstmac would reach $10 billion under management “in the near future”.

In a statement, Firstmac said breaking the $8 billion number leads it to becoming the 14th largest residential mortgage lender and strengthens its title as Australia’s largest non-bank lender.

Currently, the lender has $9.3 billion in loan facilities and since December 2016 has issued $2.7 billion in Residential Mortgage-Backed Securities to both domestic and international investors. Of the loan facilities, $1.3 billion is held in undrawn, redrawable offset facilities.

Mr Cannon said: “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.”

“This has been achieved while maintaining a premium-quality loan book with a rate of arrears much lower than the big four.”

[Related: Specialist lender issues $650m in RMBS in 12 months]

Brokers help Firstmac hit $8bn milestone
mortgagebusiness

 

Latest News

The embattled wealth giant has confirmed that its statutory net profit fell by $820 million in 2018, due to costs associated with the royal ...

The non-major bank’s net profit after tax has dropped by 4.7 per cent, coinciding with weaker home lending performance. ...

Regulatory sandboxes may not be the answer for regulating cross-border fintechs, a new report has suggested. ...

FROM THE WEB

POST RC PANEL DISCUSSION ADDED

podcast

LATEST PODCAST: The aftermath of the final royal commission report

Is enough being done to ensure responsible lending?