Powered by MOMENTUM MEDIA
the adviser logo
Broker

Brokers send $1bn in mortgages to non-bank in four months

by Staff reporter4 minute read
Money, cash

One of Australia’s largest non-bank lenders, following a spike in broker accreditations, has hit a new milestone with $9 billion in mortgages under management.

Firstmac has added more than $1 billion to its loan book in just four months, taking it past $9 billion in mortgages under management.

To continue reading the rest of this article, create a free account
Already have an account? Sign in

The milestone follows three consecutive months of record broker settlements and high numbers of new broker accreditations.

“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,” Firstmac founder Kim Cannon said.

Advertisement
Advertisement

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

Mr Cannon added that brokers had played a key role in Firstmac’s success and would continue to underpin the company’s growth in the coming years.

“Brokers play an important role in our business and that role is only becoming stronger, with a steady increase in broker usage over the past year,” Mr Cannon said.

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

Firstmac now has $10.5 billion in loan facilities, of which $1.5 billion is held in undrawn, redrawable offset facilities.

Since March 2017, the group has issued $2.7 billion in Residential Mortgage Backed Securities (RMBS) to a range of Australian and overseas institutional investors.

Firstmac priced a $1.0 billion RMBS issue in September and $1.7 billion RMBS issue in March.

The non-bank said that it is now the 14th largest residential mortgage lender in Australia, ahead of Citbank, Heritage Bank and Newcastle Permanent.

[Related: Non-bank boss urges brokers to ‘reinvent’ themselves]

Brokers send $1bn in mortgages to non-bank in four months
money
TheAdviser logo
money

James Mitchell

James Mitchell

AUTHOR

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

Anja Pannek CEO PLAN

Anja Pannek named MFAA CEO

The board of the Mortgage & Finance Association of Australia (MFAA) has confirmed that Anja Pannek will be the...

READ MORE
mike felton mfaa ta jdayl5

Aggregator heads reflect on Mike Felton’s legacy

Following on the news that Mike Felton is to retire next month and step down as chief executive of the Mortgage &...

READ MORE
melanie kiely afg ta mzh8zm

AFG non-executive director steps down from board

Australian Finance Group Ltd (AFG) has advised that Melanie Kiely will be stepping down from the AFG board to...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more