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FOR MORE than 40 years, Firstmac has played a central role in bringing competition to the Australian lending market for the benefit of Australian borrowers and mortgage brokers.
When Firstmac started in the 1980s, home lending was a cosy club dominated by the major banks that did not compete on price.
Firstmac changed all that, ushering in the world of lender discounting, mortgage broking and competition that still allows the third-party channel to flourish today.
Over the last decade, this fragile competition has come under threat again with many lenders merging or being taken over.
Once again, the mortgage market is dominated by four colossal banks that have their own branch networks operating in direct competition with mortgage brokers.
Challenging them as always, hand in hand with our mortgage broker partners, is family-owned Firstmac, which has been fully committed to third-party distribution from the start.
Product innovation
As well as maintaining the fragile competition that we helped establish in the prime mortgage market, Firstmac continues to bring competition to otherwise neglected segments.
We’ve recently disrupted the SMSF lending market, bringing more competitive SMSF products and pricing to an under-serviced, forgotten sector. We’ve given customers sitting on high commercial rates with banks a much cheaper alternative.
Our simple, low-fee residential SMSF product has both variable and fixed-rate options. The hallmarks of our product are greater simplicity, lower fees, and faster turnaround times than our competitors.
Our SMSF product has no application fee, no annual or ongoing fees, no settlement fee, and no legal fees for a refinance.
It is SMSF lending made easy, with easy-to-understand policy and process and minimal supporting documents required.
Everything in-house
We have a true service culture, with solutions-focused BDMs and credit officers.
All of our processes are in-house from support, credit, documentation and legal, to settlements, and we have an Australian-based customer service centre. This gives us end-to-end control over each application. Where things need to be done fast we can get them done for you quickly.
Best tech for brokers
We are also the most technologically advanced non-bank lender, with by far the best mobile app for brokers.
Broker Tools is easy to use, including a biometric login so you don’t need to enter a password. It can process property loans for personal, business, and SMSFs, as well as car loans. A broker can sit in front of a customer with a tablet or phone and complete servicing and an application on the spot.
Then you can track apps, see conditions, and see the valuation status, so everything you need to transact with customers is all at your fingertips.
If you would like to get more of the benefits of working with Firstmac, please be sure to get accredited.
Kim Cannon
managing director
Firstmac
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