Non-bank hits $9bn in mortgages

The milestone has been underpinned by record broker settlements with the third party expected to drive further growth as well

Non-bank hits $9bn in mortgages



Non-bank lender Firstmac has brought over $1bn into its loan book over the past four months with the firm now having over $9bn in mortgages under management.

This follows three consecutive months of record broker settlements and higher numbers of new broker accreditations – growth which shows Firstmac’s increasing impact on home lending, founder Kim Cannon said.

“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.

“We are offering brokers and their clients a genuine alternative to the banks with innovative products that are attracting the highest-quality borrowers.”

Brokers had been vital to Firstmac’s success and would continue to drive the company’s growth in the future, Cannon said.

“I would like to thank the brokers who have helped us reach $9bn. With their help, we are well on the way to reaching our next target of $10bn under management.”

At present, Firstmac actually has $10.5bn in loan facilities. However, $1.5bn of this is held in undrawn redrawable offset facilities.

This year, Firstmac also issued $2.7bn in residential mortgage backed securities (RMBS) – $1.7bn in March and $1bn in September – to local and overseas institutional investors.

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