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Loans.com.au redirects to FirstMac.com.au, an Australian Home Loan company.

FirstMac is one of Australia's leading privately owned lenders of home mortgages.

FirstMac.com.au. Since 2002, FirstMac has increasingly self-funded its own mortgage origination business while at the same time growing its presence in the market through the provision of wholesale funding to other mortgage managers operating Australia-wide. Australian, private-owned, mortgage finance lender FirstMac today confirmed its renewable funding facilities and that it is not obliged to immediately pursue refinancing of its warehouse funding lines to meet any deadlines.

FirstMac enjoys long-term relationships with its warehouse funding providers, who comprise two domestic banks and one international bank, all of whom continue to support the FirstMac business.

The Company has not fully-drawn its warehouse facilities with these institutions and has sufficient capacity to fund its business. FirstMac is not a specialist “low doc” lender. The FirstMac low doc book is limited to less than 25 per cent of its total loan book.

FirstMac is a prime lender and has no exposure to the sub-prime mortgage market. Although global economic conditions are uncertain, FirstMac recognised the implications of the credit crisis and implemented early changes to protect itself.

As a result it remains a healthy, well managed business. FirstMac will continue with product innovation and plans to issue a new range of products unique to the mortgage market in 2008.

A loan is a type of debt. This article focuses exclusively on monetary loans, although, in practice, any material object might be lent. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower.

The borrower initially does receive an amount of money from the lender, which they pay back, usually but not always in regular installments, to the lender. This service is generally provided at a cost, referred to as interest on the debt. A loan is of the annuity type if the amount paid periodically (for paying off and interest together) is fixed.

A borrower may be subject to certain restrictions known as loan covenants under the terms of the loan.

Acting as a provider of loans is one of the principal tasks for financial institutions. For other institutions, issuing of debt contracts such as bonds is a typical source of funding. Bank loans and credit are one way to increase the money supply.

Legally, a loan is a contractual promise of a debtor to repay a sum of money in exchange for the promise of a creditor to give another sum of money.