flagFounded: Around 1980

businessOwned by: Privately-owned

monetization_onFunded by: Retail deposits and wholesale capital markets

securityLMI Provider: Genworth, QBE LMI and Lender Risk Fee

Firstmac was a major non-bank lender and provider of wholesale funds to other non-bank lenders during the period before the GFC in 2007. After the GFC, most borrowers chose to go with major banks and Firstmac lost market share.

Firstmac is predominantly funded through the wholesale money markets which means that their policy is relatively conservative but they also have access to some great pricing at times.

Most of their loans are offered through their online platform loans.com.au of which they are one of the funders but they are also available through mortgage brokers.

How do Firstmac’s home loans compare?

They’re great at

But they’ve got some drawbacks…

What home loans types do they have?

Firstmac has a Vital, VIP Package and Construction loan which all come with competitive variable rates and different interest rates depending on if you are an investor or home owner, your repayment type and the size of your deposit.

For example if you borrow 80% of the property value you’ll get a better interest rate than if you borrow 90%.

The VIP Package also comes with fixed rate options however they are rarely market leading.

Tips for applying with Firstmac

Applying for a home loan with Firstmac works well if you meet standard bank criteria, you have a large deposit and you can provide all of your documents such as payslips in one go.

You may also need to find a mortgage broker that has worked with Firstmac before. Not all mortgage brokers are accredited with them or have experience working with them.

Use Firstmac’s Loan Checklist to prepare for your home loan application.


Firstmac’s majority shareholder Kim Cannon is one smart cookie! He’s not just been one of the true non-bank lenders that helped to force the banks to lower their interest rates in the late 90’s, he’s also helped the shape the mortgage industry.

When the internet was relatively new he was one of the first to see its potential and he registered the domain loans.com.au which has now become on online lender funded by Firstmac.

He’s also been instrumental in lobbying the government to reform laws restricting ownership for Authorised Deposit Taking Institutions (ADIs). Firstmac was unable to obtain an ADI licence in 2014 as Kim owns more than 15% of the company. We’d love to see more non-bank lenders become banks which would benefit all Australians as they could compete to offer other products like term deposits instead of being limited to home loans.

Kim regularly offers his opinion in the mortgage industry media which offers an independent and intelligent point of view. It’s always worth listening to what he has to say.

Firstmac client story: Lucas, NSW



Buying a home, negotiating a good interest rate.


Lucas had just sold a unit he owned in Sydney and was looking to buy a larger home for his new family. He was in an excellent financial position and was looking for the best deal on the market.


Despite being a great customer, several banks were unwilling to offer Lucas a substantial professional package interest rate because he was borrowing less than $500,000.

At the time, Firstmac had a special offer and was giving people who had a large deposit a market-leading interest rate even if they weren’t borrowing a large amount.

We were able to secure Lucas an approval at a rate well below the one offered by his bank.

In addition to this, we set the limit for the loan to be higher than was needed so Lucas had access to funds in case of emergency.

Compare Firstmac to other lenders

Not sure which lender is right for you? Our Home Loan Experts can help!

Talk to one of our mortgage brokers by calling us on 1300 889 743 or complete our free assessment form.

  • Dio

    Can you help me estimate the amount of money that I will need to pay on lenders mortgage insurance premium?

  • Hi Dio,
    You can try out the LMI calculator to get an estimate on how much LMI you may have to pay. You’ll also find tips on how to reduce your premium and amount comparisons between a few lenders. Here’s the link to the calculator:

  • Whitefoord

    Firstmac are great at refinancing so can I refinance my ATO debt?

  • Hi Whitefoord,
    Although Firstmac are great at refinancing, they may not approve your loan because almost all Australian banks have a strict policy that they will not refinance a loan for someone if they have an outstanding tax debt. However, we can help you borrow up to 85% of the value of your property (85% LVR) with a specialist lender if you meet the certain criteria. Please check out the tax debt home loan page to check out what they are:

  • Haku

    Can you explain to me how comparison rates actually work?

  • Hello Haku,

    A comparison rate is the true cost of a home loan arising from interest charges and other credit fees and charges. This rate, however, does not include certain factors such as government stamp duty and break costs. Please check out our Comparison Rate page to learn in detail about this:

  • Harper Smith

    HI There,
    I have just had an application declined by westpac due to LMI, my husband hasn’t been in his job for 6 months at the time we made the application. Now that he has been in his current job for 6 months, my friend suggested FirstMac. Can you advise please if they do their assessment based on credit scoring? I have a few enquiries made in my name but never proceeded with any of these enquiries apart from only obtaining a car loan and a credit card bill. My credit score is 422 , my partners is 671 we have around 12% deposit. Will this be a problem with firstmac?

  • Hi Harper,
    Yes this will be an issue. A 422 credit score is well below average and a 90% loan is considered to be high risk. FirstMac don’t credit score however for a 90% loan this will be referred to their mortgage insurer who does credit score and would likely decline your loan.
    We’d recommend that you proceed with a lender who doesn’t credit score https://www.homeloanexperts.com.au/credit-score-home-loan/no-credit-score-home-loan/
    When you owe less than 80% of the property value then you can refinance to FirstMac if they have a better rate at that time. In most cases we can proceed with a lender who doesn’t credit score and you can still get a discounted interest rate.
    I’ll email you some more details that may help you