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Founded: 1980

Lender Type: Non-Bank

Owned by: Privately-Owned

Firstmac is a unique lender thanks to its history with the wholesale money markets. It is known for having a strict lending policy and has earned itself the highest possible ranking from Standard and Poor’s. As an alternative to the major banks, it offers competitive rates and discounts for large deposits and for packaging your owner-occupied loan with an investor loan. Firstmac is an online-only institution, although you can make deposits through Westpac branch locations.

Key Benefits

Low-interest rates
Good customer service, especially for an online lender
Special discounts for investors


Non-traditional borrowers may have difficulty qualifying
No low deposit loans
No branch access

Home Loan Products

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Home Loans Description

Standard Variable Rate

Firstmac has a low-interest variable rate loan that comes with several features to help you manage your finances with confidence like a 100% offset redraw facility so you can save on interest and a VISA Debit Card, which you can link to your account. Choose between monthly, fortnightly, and weekly repayments when paying down the principal and interest portion of your loan.

Fixed Rate

When you want to be able to budget without having to worry about your monthly mortgage repayments changing, Firstmac’s competitive fixed rate loan is a great option. Lock in your interest rate for one, two, or three years and you won’t have to worry about your mortgage repayments increasing if the RBA raises the cash rate. While you’ll enjoy a lower than average rate, Firstmac’s Fixed Rate home loan product doesn’t offer a lot of the flexibility you’d get from a more full-featured loan.

Construction Loan

Firstmac has a standard Construction Loan for a new build, or to do a major renovation or rebuilding project. You can draw down on your loan in stages so you don’t have to pay interest on the full amount of your loan while the construction is being done.

Vital 80

Borrow up to 80% of the purchase price and you won’t have to pay lender’s mortgage insurance. This home loan product also offers unlimited extra repayments as well as no monthly service fees or an application fee. If you’re thinking of refinancing to make an investment, Firstmac is offering a special discount rate for borrowers who package their owner-occupier loan with an investment loan.

VIP Package

With this home loan product, you can borrow up to 90% of the property value with LMI and still enjoy a low rate, along with features to help you pay down your mortgage faster like unlimited free repayments and low fees. You also get plenty of payment flexibility with the option to pay interest only for up to five years.

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