Firstmac added to AFG lender panel

by Mike Wood01 Jun 2021

Firstmac have been added to Australian Finance Group’s (AFG) lending panel in a major move for one of Australia’s biggest non banks.
The partnership will see the Brisbane-based non bank lender become an option for one of the largest broker aggregators and open the door for an exponential growth in business.

“We're delighted,”said Jake Sanders, Head of Third Party Sales at Firstmac. “AFG are a large, well-respected aggregator and it's certainly a great opportunity or use and also for the AFG broker network.”

“Our service proposition is key at the moment, especially with the inflated turnaround times at the major banks and other lenders. We also have a very sharply priced product suite and a new niche policy points of difference that have seen us achieve record results every month.”

Firstmac can offer a fully automated accreditation system that has seen them become a favourite of brokers working in the non bank sector. They were named as one of the Australian Broker F5-Star Non Banks as a result of their popularity among brokers.

“It's seamless for brokers,” explained Sanders. “Brokers can go to our website, fill out their details and choose the aggregator that they're a member of. They submit that information on the electronic form, and as soon as they hit submit, a training video pops up for them to watch. The data is then forwarded to the aggregator electronically for them to approve via a simple click and it comes back to us, we approve it and it gets uploaded to our CRM.”

“We create a Broker ID and the BDM gets on the phone within 24 to 48 hours to introduce themselves. All things being equal, you can go from not being accredited with FirstMac to writing a loan within 24 to 48 hours.”

The news of the linkup with AFG comes hot on the heels of Firstmac recording the biggest RMBS deal in Australian history, topping out $2 billion for the first time.

“We're across most of the major aggregators now,” said Sanders. “Our $2 billion deal was a record, beating our own previously set record, and ever before that, we did a $1.5 billion deal in the middle of COVID.”