Firstmac is Australia’s leading online mortgage originator and one of the country’s largest nonbank prime mortgage lenders. Firstmac originates and services prime residential mortgages in Australia. It has written more than 100,000 mortgages in the past 25 years.
Firstmac has a long history of participation in the mortgage industry, having originally commenced as a mortgage-originator manager of bank balance-sheet funded loans before establishing its own securitised home-loan funding programme.
The company’s distribution model has evolved from 100% third party to now including roughly half of balance-sheet assets sourced through Firstmac’s direct retail digital platform, www.loans.com.au. Firstmac has also diversified its business to include auto financing and managed-funds investments.
The company originates only prime loans and uses its best-in-class credit practices and risk-management framework to ensure the quality of its portfolio. Less than 0.3% of the Firstmac loan portfolio is at 30-plus days in arrears and 90% of its loans have loan-to-value ratios of less than 80%.
Ownership and capital structure
Firstmac is a privately owned company headquartered in Brisbane with offices in Sydney, Melbourne and Manila.
Firstmac’s policy is to ensure a minimum of two-thirds of its loan portfolio is funded by way of term match funded RMBS, with the remainder funded through short-term warehouse facilities.
Firstmac has been a regular issuer of RMBS in the Australian domestic and offshore markets with 30 active public and privately rated transactions currently in the market. Total issuance amounts to approximately A$34 billion.
|SIZE OF LOAN BOOK||A$14BN EQUIVALENT|
|MAKEUP OF LOAN BOOK||PRIME RESIDENTIAL MORTGAGES: 100%|
|GEOGRAPHIC DISTRIBUTION OF LOAN BOOK||
|OUTSTANDING DEBT ISSUANCE||
SECURITISATION: A$12BN EQUIVALENT
FOR FURTHER INFORMATION PLEASE CONTACT:
Chief Financial Officer
+61 7 3017 8883
+61 2 8579 8403
nonbank Yearbook 2023
KangaNews's eighth annual guide to the business and funding trends in Australia's nonbank financial-institution sector.