Non-bank lender Firstmac has reached another record achievement this month with its total loan book passing $8bn in mortgages under management.
This growth shows that Firstmac was successfully providing competition that was sorely needed in the Australian lending market, founder Kim 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,” he said.
“This has been achieved while maintaining a premium-quality loan book with a rate of arrears much lower than the Big Four.”
Cannon said that Firstmac valued its strong relationship with brokers – a factor which had been crucial to the lender’s success in recent years.
“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,” he said.
“I would like to thank the brokers who have helped us reach $8bn. With their help, we are now looking to achieve $10bn under management in the near future.”
The lender currently has $9.3bn in loan facilities. Of this, $1.3bn is held in undrawn, redrawable offset facilities.
Since December 2016, Firstmac has issued $2.7bn in residential mortgage backed securities (RMBS) to a number of local and overseas institutional investors.
By growing its loan book to $8bn, Firstmac is now the 14th largest residential mortgage lender in Australia, ahead of Citibank, Heritage Bank and Newcastle Permanent. It is also Australia’s largest non-bank lender.
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