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AOFM investment to boost FirstMac lending volumes

Staff Reporter 3 minute read

In encouraging news for the mortgage market non-bank lender FirstMac has successfully placed and priced its second AOFM-assisted RMBS deal.

The FirstMac 1-2009 placement totalled $625 million with $499 million from the AOFM and a further $126 million from five external, domestic investors.

The Class A-1 notes were priced at 0.70 per cent above the BBSW while the Class A-2 notes priced at 1.15 per cent above the BBSW.

James Austin, FirstMac chief financial officer, said the government’s investment in RMBS had helped foster competition among a diverse range of lenders and this latest investment would enable FirstMac to increase its lending volumes.

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“The position of second tier lenders has been considerably strengthened by this program and this can only benefit the community as a whole.

“We are buoyed by the additional funds from external investors and will continue to increase our new lending volumes as a consequence of this second successful transaction.”

FirstMac’s first AOFM investment saw it place a $600 million RMBS in November last year, with $500 million contributed by the government.

 

AOFM investment to boost FirstMac lending volumes
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