Firstmac Home Loans: Small Book, Tight Policy, Clean Pricing
Firstmac is a Brisbane-headquartered non-bank that's been writing home loans since 1979. No branches, no app bells, no specialist tiers — just clean prime lending at competitive rates for straightforward files. 53 products, strict policy, and a 6.18% variable that sits comfortably in the non-bank mid-tier. If your file is clean and your needs are simple, Firstmac works.
What Firstmac does well
Assessment rate of 8.50% is among the lowest on our panel — gives borrowers $20-30K more capacity than CBA/NAB. Combined with the 6.18% rate (0.70% below the Big 4 average), Firstmac is a solid choice for PAYG refinancers at 60-80% LVR who value rate savings over brand familiarity.
Their RMBS-funded model keeps pricing lean. No branch costs, no app investment, no specialist-tier overhead — all savings flow to the rate card. The Firstmac website and borrower portal are functional but basic; if you want Macquarie's app UX, this isn't the place.
Where Firstmac falls short
90% LVR cap means first home buyers with less than 10% deposit can't use Firstmac at all. For low-deposit FHBs: Bankwest (98%), NAB (95%), or QCB (95%) are necessary alternatives.
6.5x DTI cap is stricter than the Big 4's 7.0x. Borrowers with HECS, car loans, or investment debt may find Firstmac's servicing calc declines a file that CBA or NAB would approve.
16-day turnaround is the slowest on our Tier 2 panel. For tight settlements, use Macquarie (7), NAB (7), or Suncorp (5).
Firstmac vs non-bank peers
Firstmac sits mid-pack among prime non-banks. Cheaper than Liberty and Pepper; more expensive than Macquarie and ING. The practical decision usually comes down to DTI cap and LVR needs rather than headline rate.
The Firstmac verdict
Firstmac is a workhorse non-bank for clean, simple files. No specialist tier, no alt-doc, no SMSF — just competitive prime lending at sub-80% LVR. Their 8.50% assessment rate gives you more servicing room than most, and the rate is middle-of-the-pack non-bank.
Best fit: clean PAYG refinancers at 60-80% LVR who don't need a branch, don't need speed, and want a simple loan at a competitive rate. For anything more complex — self-employed, high-LVR, near-prime, investor at 95% — route to a lender whose policy matches the scenario.
Is Firstmac the right non-bank for your file?
We'll price Firstmac head-to-head against the sharpest alternative for your specific LVR, income and loan type. Quick brief, realistic numbers back.
Run comparisonWhat is Firstmac's cheapest rate?
6.18% variable for OO P&I below 80% LVR through the broker channel.
Does Firstmac do 95% LVR?
No. Firstmac caps owner-occupier and investment at 90% LVR. For 95%+ use NAB, Bankwest, QCB or CBA.
Is Firstmac a bank?
No. Firstmac is a non-bank lender funded through RMBS markets. Not APRA-regulated as an ADI. Operating since 1979 with a $13bn+ home loan book.
Is Firstmac fast?
No. 16-day average turnaround is the slowest on our Tier 2 panel. For speed use Macquarie (7 days) or NAB (7 days).
Richard Esteb
Firstmac is a solid but niche option in my panel. I route there when the file is clean, LVR is sensible, and the rate beats what's on offer elsewhere. Refreshed 17 April 2026.