Firstmac enters commercial lending market

For the first time, non-bank lender Firstmac has entered the commercial property lending space. Coinciding with this announcement is a new low-fee commercial SMSF property loan, aimed at helping business owners purchase premises through their SMSF.

Commenting on the announcement, Firstmac said the move was strategic as many of the big banks have “abandoned” and “underserviced” the business sector.

“We understand that many business owners want the security of owning their business premises instead of being at the mercy of a landlord,” said Firstmac chief commercial officer, Marie Mortimer.

“Our new Commercial SMSF loan aims to make that as easy as possible, with far less of the complexity and red tape that often deters would-be SMSF investors, and the lowest fees on the market.”

According to Firstmac, the loans are available with variable- or fixed-rate options. The variable rate is 7.69 per cent for 70 per cent LVR, rising to 7.99 per cent for 80 per cent LVR.

The loan is available for both purchasers and refinancers for up to $2 million and a maximum LVR of 80 per cent.

Firstmac said that signing up is simple with “minimal” supporting documents required, supported by a “swift approval process”. There is a rate lock fee of $350 if applicable and a SMSF review/trust fee of $490 if applicable.

Related: Firstmac completes $1.75bn RMBS issue

Jack Campbell is the editor of Broker Daily. After graduating from the University of Wollongong in 2022, Jack began his journalistic career working on Broker Daily’s sister brand, HR Leader. In August 2023 he was made the news editor and worked alongside some talented journalists writing articles and recording podcasts.

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