For over 40 years, Firstmac has been a key player in fostering competition in the Australian lending market, benefiting both Australian borrowers and mortgage brokers. When Firstmac began in the 1980s, home lending was controlled by the major banks, which did not compete on price.

Firstmac revolutionised the market, fostering an environment of lender discounting, mortgage broking, and competition in the now flourishing third-party channel.

Over the past decade, this competition has faced renewed threats, with many lenders merging or being acquired. Today, the mortgage market is once again dominated by four major banks with their own branch networks, competing directly with mortgage brokers.

In this challenging landscape, Firstmac stands firm alongside its mortgage broker partners. A family-owned business, Firstmac has always been fully committed to third-party distribution.

Product innovation

In addition to maintaining the competition we helped to establish in the prime mortgage market, Firstmac continues to introduce competition into otherwise neglected segments. In the past year, our new products have included:

  • Bridging: We recently launched our first bridging loan product, designed to help home buyers purchase their new home before selling their existing one. It allows them to avoid the need for temporary accommodation and potentially secure a better sale price for their current property by avoiding a rushed sale.

  • Investor package: We have revamped our popular Owner-Occupied-and-Investor package, slashing the price of both loans compared to their stand-alone equivalents.

  • Expat loans: We stepped up our focus on Australian property buyers living overseas, launching a new Expat Home Loan product that cleared away the key barriers to home ownership for expats.

  • Solar Home Loan: We launched a groundbreaking Solar Home Loan that helps homeowners beat soaring electricity bills by installing a solar energy system at effectively no cost and we funded it with an Australian-first $1.2 billion RMBS issue including Solar Home Loans.

We also disrupted the SMSF lending market, offering more competitive SMSF products and pricing to a previously underserviced sector. This provides customers with high commercial rates from banks a more affordable alternative.

Everything in-house

Firstmac prides itself on having a true service culture, supported by solutions-focused BDMs and credit officers. All processes, including support, credit, documentation, legal, and settlements, are managed in-house, ensuring end-to-end control over each application. This allows Firstmac to act swiftly, delivering fast results for brokers. Additionally, Firstmac operates an Australian-based customer service centre, further enhancing our ability to provide excellent service.

Best tech for brokers

As the most technologically advanced non-bank lender, Firstmac offers the best mobile app for brokers. The Broker Tools app is user-friendly and features biometric login, eliminating the need for passwords. It can process property loans for personal, business, and SMSF purposes and car loans. If you want to experience the benefits of working with Firstmac, be sure to get accredited.