Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Non-bank lender surpasses $10bn in loans

cash dollars million ta cash dollars million ta
Reporter 4 minute read

Firstmac has announced that it now holds more than $10 billion of loans under management and settled a “record” $3.5 billion of loans in the last financial year.

The non-bank lender revealed that record growth in the year 2017–18 ($3.65 billion of settlements) helped the group reach the $10 billion milestone, with both the Firstmac and loans.com.au brands contributing to the 21.8 per cent increase in loan book growth.

Managing director Kim Cannon commented: “Getting to $10 billion is a great reward for the many people who have worked hard to build this company and gives confidence to potential customers, while also enhancing our status in international funding markets.

“I am especially proud that this growth has been achieved entirely through writing prime-quality loans, allowing us to maintain a low default rate that is the envy of the banks.”

Advertisement
Advertisement

The lender has now reportedly written more than 100,000 home loans and manages approximately $10 billion in mortgages and $250 million in cash investments.

The milestone comes as the non-bank lender extends its reach across the broker channel; in March of this year, the lender joined the panel of Choice Aggregation Services.

Stephen Moore, chief executive officer of Choice, said at the time: “Providing our members and their customers with a wide range of lending options is a key priority for us as an aggregator.

“The addition of Firstmac to Choice’s lending panel will further strengthen the wide range of lending solutions already available via our network.”

Mr Moore added that the aggregation company “took a serious approach” to selecting high-quality lenders for its panel, adding that he believes that Firstmac “certainly demonstrate[s] a strong track record in delivering housing finance to Australians”.

PROMOTED CONTENT


“With close to 40 years’ experience in writing home loans, and a service-oriented support team, Firstmac will be welcomed warmly by Choice brokers,” the chief executive said.

[Related: Choice adds new lender to its panel]

Non-bank lender surpasses $10bn in loans
cash dollars million ta
TheAdviser logo

If you have ever considered how you could better service your SME clients but lack the knowledge or confidence to do this beyond referring them on, this is a must-attend event for you. Don't miss SME Broker Bootcamp, a jam-packed, free-to-attend, practical workshop. Register today and secure your place at this interactive, flexible, must-attend event.

cash dollars million ta

 

more from the adviser
tech tools

Breaking News

FICO launches new loan-origination platform

The US analytics company has launched a new digital loan originat...

Liberty A League partnership ta

Breaking News

Liberty scores A-League Women’s football naming partnership

The non-bank lender has become the official naming partner of the...

house sold

Breaking News

Hot Property: The biggest property headlines from the week 29 November - 3 December

The weekly round-up of the biggest news stories from across Momen...